Category: Banking and Finance

Sri Lanka needs to operate at its full tax revenue potential to break away from donor clutches and implement its own polices.Sri Lanka needs to operate at its full tax revenue potential to break away from donor clutches and implement its own polices. Treasury Secretary says tax collections at present are nowhere near their potential. […]

A Saudi Arabian investor has sought permission to raise his stakes in Commercial Bank of Ceylon, as key shareholders try to oust the bank’s present Chairman.A Saudi Arabian investor has sought permission to raise his stakes in Commercial Bank of Ceylon, as key shareholders try to oust the bank’s present Chairman. Saudi Arabia’s Euro Gulf […]

Ceylinco Insurance has launched investment linked life plans which will gives policyholders the option of directing where his life funds would be invested.Ceylinco Insurance has launched investment linked life plans which will gives policyholders the option of directing where his life funds would be invested. Ceylinco Shilpa is a child education policy and Ceylinco Retirement […]

Sri Lanka plans to spend more and borrow further next year as expenses for defence and fuel related subsidies escalate.Sri Lanka plans to spend more and borrow further next year as expenses for defence and fuel related subsidies escalate. Total state spending will rise 30 percent to Rs.568.3 billion (US$ 5.6 billion) in 2006 from […]

Sri Lankan tax payers are fighting shy of official recognition as good tax payers. Sri Lankan tax payers are fighting shy of official recognition as good tax payers. In May this year the government offered to officially recognise ‘good tax payers’ to coax more taxes out of Sri Lanka’s unusually tax averse population. “We announced […]

Sri Lanka’s top Treasury official says the country will not accept debt relief next year, unless it is given without strings.Sri Lanka’s top Treasury official says the country will not accept debt relief next year, unless it is given without strings. Treasury Secretary Dr. P B Jayasundera who asked top lenders to extend debt relief […]

Sri Lanka has completely missed out on Foreign Direct Investment flows to emerging markets last year.Sri Lanka has completely missed out on Foreign Direct Investment flows to emerging markets last year. FDI to emerging markets dominated by Chain and India grew 40 percent but flows to Sri Lanka have been hovering around the US$ 200 […]

Financial statements of Sri Lankan firms are sometimes incorrectly presented because local auditors don’t keep up with new developments, the island’s accounting and auditing watchdog said. Financial statements of Sri Lankan firms are sometimes incorrectly presented because local auditors don’t keep up with new developments, the island’s accounting and auditing watchdog said. The watchdog is […]

Corruption and inefficiency continue to plague tsunami aid efforts in Sri Lanka nine months after the disaster, the country’s auditor-general said Sunday.Corruption and inefficiency continue to plague tsunami aid efforts in Sri Lanka nine months after the disaster, the country’s auditor-general said Sunday. Auditor-General Sarath Mayadunne said accounting and administrative systems were not established immediately […]

The government on Friday said it was setting aside Rs. 500 million to write off mortgages on homes affected by last December’s tsunami as a further relief measure to the victims. The government on Friday said it was setting aside Rs. 500 million to write off mortgages on homes affected by last December’s tsunami as […]

ICICI Bank, India’s second-largest bank by assets, has received a provisional banking license from the Central Bank of Sri Lanka to commence operations in the island, an ICICI Bank official said Wednesday.ICICI Bank, India’s second-largest bank by assets, has received a provisional banking license from the Central Bank of Sri Lanka to commence operations in […]

ICICI Bank, India’s second-largest bank by assets, has received a provisional banking license from the Central Bank of Sri Lanka to commence operations in the island, an ICICI Bank official said Wednesday.ICICI Bank, India’s second-largest bank by assets, has received a provisional banking license from the Central Bank of Sri Lanka to commence operations in […]