Category: Banking and Finance

The Finance Minister has won the Cabinet nod to go ahead to enact five amendments to tax related acts to seal up its revenue lines and increase collection. rnrnThe list of changes like re-imposition of the land tax also includes a change to the tax amnesty act.rn rnThe controversial tax amnesty and delays in implementing […]

Total revenue for the period Jan-Apr fell three percent to Rs. 91.7 bn while overall expenditure jumped 33 percent to Rs. 121.0 bn, the Finance Minister Dr. Sarath Amunugama said Wednesdayrn rnA change in the Value Added Tax (VAT) from 20 percent to 15 percent, saw revenues drop 14 percent to Rs. 36 bn, while […]

A 22.46 percent larger loan book propped up by lower interest rates and growing demand for homes upped income at Housing Development Finance Corp., Bank (HDFC Bank to Rs. 829.85 million, 31.5 percent over 2002. Chief Executive C A Sarathchandra told Lanka Business Online that a concerted effort to increase the housing stock saw up […]

The securities watchdog has issued tough guidelines on the role of auditors and non-audit services, which will be made compulsory for listed firms from next April.Listed firms will also be required to rotate their auditors every three years from 2006. rn rnThe guidelines focus on two areas i.e. audit of listed companies and audit committeesof […]

The Central Bank says it hopes to raise up to US$ 400 mn in bonds shortly, to bridge the budget deficit and ease the pressure on the local debt market.The bank had earlier planned to raise US$ 250 mn. But delays in aid disbursements and a weak rupee has prompted a change of plans.rn rn”The […]

Experts from Indian Bank are flying in next month to help out with giving alternate proposals to revamp the technically insolvent Peoples Bank.The Indian bank became a natural choice, after it opted to restructure itself, sans any form privatisation or capital infusion from the State.rnrn”We have had a few discussions with the Indian bank and […]

Commercial Bank of Ceylon has tied up with Xpress Money, to provide Lankan expatriates facilities to transfer funds to Sri Lanka instantly. With this arrangement, remitters in any part of the world would be able to gain access to Commercial Banks 121 strong on-line network of branches and 176 ATMs.rn rnCommenting on the appointment of […]

Developing countries like Sri Lanka exploit natural resources to grow exports that help pay off foreign debt.Encroachment of forests like Sinharaja by tea plantations and timber firms had to be tolerated to boost exports and generate jobs.rn rnAn Act passed by the US government to help conservation and reduce debt is offering a solution. rn […]

The Central Bank came out strongly against pyramid style investments, warning public not to park their savings in quick money making schemes.rnrn rnThe banks statement comes afterrnit made a similar warning on Wednesday, rnasking public to be cautious when the opt for high yielding risky investments. rnThe Securities & Exchange Commission too last week issued […]

Eagle Insurance paid some Rs. 145 mn for International Finance Corporations (IFC) 15 per cent stake in Union Assurance, in a deal that went through the Colombo bourse on Wednesday.IFC has been trying to exit the holding for about a year now.Industry sources said John Keells Holdings and Carsons Cumberbatch together sharing a 73 per […]

ADB will help restore basic social infrastructure and community services in conflict-affected northern and eastern regions of Sri Lanka, through a US$10 million loan approved Tuesday. rnIn support of existing rehabilitation and relief efforts under ADBs North East Community Restoration Development (NECORD) project, this extension project will address basic needs in health, education, agriculture, community, […]

Sri Lanka was considering bringing back heavy taxes to discourage foreign ownership of land amid a surge in the sale of beach property to non-nationals, a senior government minister said Friday.The cabinet on Wednesday decided to reconsider imposing a 100 percent tax on foreigners buying land, cabinet spokesman Mangala Samaraweera said adding that a committee […]