Category: Banking and Finance

People’s Bank has engaged an international consultant B D O Binder to draft the terms of reference to get its privatisation on the road.rn rnBinder has already submitted a first draft of the terms of reference or TOR, which will be used to engage a consultant to draft an information memorandum.rn rnThe memorandum will be […]

Government announced a sweeping amnesty for undeclared foreign assets and black money on Friday.rn rnIn one of the most comprehensive attempts at drawing out black money the treasury has extended the amnesty to cover all taxes.rn rnPrevious government amnesties have only covered the income tax liability.rn rnThe treasury said similar comprehensive immunity will not be […]

Tax breaks are not something the fiscal planners are willing to consider just yet.rn rnBut when some of the biggest businesses groups in the country make the request its hard to ignore.rn rnThe big business groups in the island want the government to move towards group taxation when taxing conglomerates.rn rnGroup taxation allows trading losses […]

Venture capital funds going out of steam.rn rnThe government made the Venture capital industry almost overnight.rnInvestment relief under the Inland Revenue Act in 1990 brought in seven companies who set up venture capital funds.rn rnldblquote Investors in this Venture Capital fund would get investment relief. That is certain part of their investment is tax deductible.rn […]

Government plans to ease restrictions on capital transactions to increase private investments by local companies.rn rnSweeping exchange liberalizations including allowing non-nationals to invest in government and corporate debt will be announced within days.rn rnAmendments to the Exchange Control Act are expected to be announced in the budget followed by an official gazette notification.rn rnThe planned […]

Investments in and out of the country will get a boost with the relaxation of exchange control laws soon.rn rnExchange controllers say the liberalization will help government efforts to increase investments by local and foreign companies.rn rnldblquote Until the legislation comes through, as a temporary measure we are trying to liberalize some items under existing […]

The Treasury on Friday announced a series of amnesties as part of its efforts to encourage locals to open up tax files.rn rnThe Inland Revenue Dept is amending its Special Provisions Act No: 7 of 2002, to dispense with tax, duties, levies and exchange control offences, says P Guruge, Tax Advisor to the Treasury.rn rnldblquote […]

Commercial Bank of Ceylon on Tuesday reported a 34 percent net profit growth for the nine months ending September 30.rn rnThe bank said net profits surged to Rs. 952 mn from Rs. 711 mn in 2001 due to higher volumes, prudent management decisions and the removal of a 20 percent surcharge on income tax.rn rnRevenue […]

Withholding tax would be slapped on corporate debt from the first of November, a treasury public notice said. rn rnSecondary market trading in debt securities is still very limited in Sri Lanka and analysts warn that this may be the final blow to any hopes of a take off in trading.rn rnWithholding tax makes secondary […]

Audry was forced to leave her job as a Management secretary due to work related stress. Her employer, a leading department store in Britain did not recognize that work related stress could affect employees.rn rnAudry suffered spells of depression and her job performance slumped.rn rnldblquote I got more and more backwards. My family life suffered. […]

The banking service was purchased outright by NTB while the foreign exchange operations will be done on an AmEx franchise.rn rnTravel services will be delivered through a newly formed joint venture with Mackinnons travels a John Keels Holdings company.rn rnNTB says the cost of acquisition of the 3 main lines of AmEx business was minimized […]

A committee appointed by the Finance Ministry to merge revenue agencies, was trying to determine if the proposed revenue authority should be run by public servants or by experts hired from the private sector.rn rnThe government in its budget proposals announced the plans to set up the agency by merging The Customs, Excise and Inland […]