Category: Featured
Sri Lanka to have 500 public Wi-Fi spots before end 2016
Oct 31, 2016 (LBO) – Sri Lanka’s Digital Infrastructure Ministry is expected to complete opening of 500 free public Wi-fi spots in the island before the end of this year. The Ministry of Telecommunication and Digital Infrastructure recently reactivated 405 hotspots that underwent an upgrade. The ministry is to open 95 new public Wi-fi facilities […]
Sri Lanka seeks to boost capital markets, draw FDI : OBG
Oct 31, 2016 (LBO) – Government commitments to step up privatisation, repair its balance sheet and encourage more listings should help broaden the base of Sri Lanka’s capital markets and draw stronger flows of foreign direct investment (FDI) into the economy, the Oxford Business Group said. In April the Sri Lankan government brokered a $1.5bn […]
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Oct 31, 2016 (LBO) – Sri Lanka’s Value Added Tax (VAT) hike 15 percent from 11 percent will make the island credit positive as it will facilitate fiscal consolidation by strengthening low revenue-to GDP ratio, Moody’s Investors Service said. “The government originally implemented the VAT hike in May, but retracted it in July after a […]
Excerpts of Sri Lanka COPE recommendations on bond issue
Oct 31, 2016 (LBO) – Sri Lanka’s Committee on Public Enterprises has made several recommendations to Parliament on last year’s controversial bond issue. Excerpts of the recommendations, as published by the Sunday Times, are the following: Evidence has been placed before the COPE, which gives rise to reasonable suspicion that former CB Governor Arjuna Mahendran […]
EU team to visit Sri Lanka next week on GSP+ application
Oct 28, 2016 (LBO) – A four member delegation from the European Parliament will visit Sri Lanka next week to look at the groundwork laid for a successful GSP+ application, a statement said. “The team will also discuss the progress on national reconciliation and ways to empower women politically and economically,” said the delegation of […]
India’s sub-sea power cable can be a solution for Sri Lanka: PUCSL
Oct 28, 2016 (LBO) – The planned laying of a sub-sea electricity cable to transmit power from India to Sri Lanka can be one solution to the island’s looming power crisis, a senior official said. “We see this as a solution, the Indo-sea cable has been in discussion for some time with a pre-feasibility also […]
Sri Lanka must balance reconciliation with accountability: Jayasuriya
Oct 28, 2016 (LBO) – Sri Lanka faces the challenge of balancing reconciliation with accountability in addressing the ethnic conflict, Karu Jayasuriya, speaker of the Parliament, said at the 135th assembly of the Inter-Parliamentary Union held in Geneva this week. “We are mindful of the necessity to rebuild trust and harmony through reconciliation which is […]
Sri Lanka’s increased VAT to be applied from Nov 01
Oct 28, 2016 (LBO) – Inland Revenue Department said the changes to VAT and NBT will be implemented with effect from November 01. Releasing a statement, its Commissioner General said further details will be updated in due course. As per the amendments passed, VAT will be increased from 11 percent to 15 percent while NBT […]
Low tax regime & capital allowances from 2017 budget: Sri Lankan PM
Oct 27, 2016 (LBO) – Sri Lanka’s 2017 budget proposals will include proposals to introduce a low tax regime in the island coupled with a program of capital allowances, the premier said. Prime Minister Ranil Wickremesinghe making a special statement in Parliament today said these new proposals aimed at increasing investment and job creation. “Finance […]
Sri Lanka cabinet approves capital market strategy 2016-2020
Oct 27, 2016 (LBO) – Sri Lanka’s cabinet has given the nod for the government to follow a five-year capital market strategy in order to attract investors, issuers, institutions and mediators, a statement said. “Although the capital market plays a major role in economic development and sustainable development in rising economies in the world Sri […]
‘s Green University opened in Homagama
Oct 27, 2016 (LBO) – The National School of Business Management’s (NSBM) Green University in Pitipana, Homagama was declared open by President Maithripala Sirisena on Wednesday. This is the first university in the South Asian region built to be sustainable and eco-friendly, according to the university. The NSBM Green University comprises auditoriums, computer laboratories, a […]
Sri Lanka’s Fin Min to release Rs4bn for Golden Key depositors
Oct 27, 2016 (LBO) –Sri Lanka’s cabinet has approved a proposal to release an advance of 4.05 billion rupees to the Central Bank in order to pay the eligible depositors of Golden Key Credit Card Company. According to the repayment plan for the security deposit holders of Golden Key approved by the Supreme Court, the […]