Category: Economy
Sri Lanka taxes to go online
Nov 03, 2015 (LBO) – Sri Lanka plans to increase revenue collection by setting up a platform for the public to pay taxes through an online based system, the Commissioner General of Inland Revenue said.“Tax is the price we pay for the country we want,” Kalyani Dahanayake, commissioner general of Inland Revenue of Sri Lanka […]
Finance Minister wants lower interest rates, IMF show of support
Nov 02, 2015 (LBO) – Sri Lanka’s Finance Minister has called for lower interest rates in the island and for the IMF to support the island’s development programme.Ravi Karunanayake said an IMF growth forecast of 5-5.5 percent for this year was too low, a media report from London said. He wants the Central Bank to […]
Sri Lanka’s deflation turns to 1.7-pct inflation in October
Oct 30, 2015 (LBO) – Sri Lanka has recorded 1.7 percent inflation in October measured by Colombo Consumer Price Index after three consecutive months of deflation. The inflation year on year rose from negative 0.3 percent in September, mainly due to the lower base effect. The statistics department said this is due to the elimination […]
CB Governor slams CEB, CPC and SriLankan for dragging down state banks
Oct 30, 2015 (LBO) – Sri Lanka’s Central Bank Governor Arjuna Mahendran on Thursday slammed inefficient state-owned enterprises as they have created losses in state banks while giving a free ride to private banks. “We have two government-run banks funding very large state enterprises whether its airline, the electricity company or the petroleum company,” he […]
China ends decades old “one child” policy, now they can have two
Oct 30, 2015 (LBO) – China’s Communist Party has ended a decades-old ‘one child’ policy and married couples will now be allowed to have two children.This changes Deng Xiaoping’s policy from the late 1970s which was needed to ensure that “the fruits of economic growth are not devoured by population growth.” The Chinese government eased […]
Sri Lanka seeks to connect tax payers with revenue office online
Oct 30, 2015 (LBO) – Sri Lanka is looking at the possibilities of connecting the island’s revenue collection office with tax payers directly to streamline tax payments. Central Bank Governor Arjuna Mahendran said they are considering SWIFT payment gateway as a one option. “Internet payment solution system called SWIFT can link up the tax payer with […]
90-pct vehicle leasing facility to come into effect today
Oct 29, 2015 (LBO) – Sri Lanka’s Finance Ministry said that a 90 percent loan margin of leasing facility for motor vehicles will come into effect from Thursday.An official notice will be sent out to the government and private financial institutions today, the ministry said.From September 15, 2015, the 100 percent loan to value was limited […]
Income security for older persons in Sri Lanka, a key future concern
Oct 29, 2015 (LBO) – Sri Lanka’s pension schemes need to be reevaluated as an adequate pension is essential to ensure income security for the elderly to support the fast growing aging population, an economist said.“Providing pension coverage for future older generations could be a challenge,” Nisha Arunatilake of Institute of Policy Studies of Sri […]
Sri Lanka ranked 107 in ease of doing business index 2016
Oct 28, 2015 (LBO) – Sri Lanka was ranked 107 in the World Bank’s “Doing Business 2016” index, which measures the ease of doing business in 189 different countries, a report released by the bank on Tuesday revealed.Sri Lanka ranked 107th out of 189 countries in terms of ease of doing business for 2016.It was […]
Sri Lanka raises USD1.5bn in Sovereign Bond issue: report
Oct 28, 2015 (LBO) – Sri Lanka has raised 1.5 billion dollars from a 10-year sovereign bond issued to international investors at 6.85 percent, a report said. The initial price guidance of 7 percent was lowered with order books exceeding 3.3 billion dollars. In May, Sri Lanka raised 650 million dollars via a 10-year sovereign […]
Sri Lanka 10-year sovereign bond gets orders over USD2.5 bn: report
Oct 27, 2015 (LBO) – Sri Lanka has opened a 10-year sovereign bond issue to international investors with a price guidance of 6.85 percent to raise at least 500 million dollars, media reports said. The initial price guidance of 7 percent was lowered with order books exceeding 2.5 billion dollars. In a statement on Tuesday […]
Sri Lanka’s EDB called on to perform like private sector entity
Oct 23, 2015 (LBO) – Sri Lanka’s Export Development Board has been called upon to perform as a private sector entity to ensure a better performance from the country’s export.“The EDB should not behave like a laidback government institution,” Sujeewa Senasinghe, state Minister of Development Strategies and International Trade said while addressing officials of EDB […]