Category: Industry
Taxing Taxes
The government firmed up plans announced in its 2002 budget through its latest fiscal forecast on Wednesday.rn rnThe retail and wholesale trade will be slapped with Value Added Tax while the scope of the Withholding Tax was expanded.rn rnHowever, landing VAT on financial services and the continuation of the port and airport development levy came […]
Going Private
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 […]
Call Complete
The long overdue national communications policy got cabinet approval earlier in the week, with plans now afoot to hasten its rollout.Secretary to the Ministry of Mass Communication, Kumar Abeyasinghe told Lanka Business Online that the policy was approved by cabinet and was now looking at implementing it as soon as possible.rn rnMeanwhile, stringent laws strengthened […]
SLT Mobile
Investing US$ 70 million over the next two years to put in place a 2.5 G GSM core network, Mobitel intends to expand its coverage into the all major cities including the north and east.rn rnGoing according to schedule, a fully functional 2.5G GSM network is expected by mid 2003.rn rnOfficials say the selected 2.5G […]
Travel travails — Budget Report
Meanwhile tourist board approved hotels will also face a 1 per cent charge from April 01, which will be used for tourist development.rn rnThe duty free allowance of Sri Lankans working abroad for more than one year will be raised from US $ 1500 to US $ 1750.rn rnThe port and airport levy imposed on […]
Making IT Happen
Foreseeing the opportunities Sri Lanka would miss with every postponed day, policy makers are pitting the final touches to rollout the national Information Communication and Technology (ICT) Policy before end November. Previously scheduled to follow the National Communication Policy, industry officials say delays in getting the piece of legislation off the ground prompted them to […]
Tax Break
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 […]
What Next?
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 […]
Easing Capital
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 […]
Opening Gates
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 […]
Hunting Black Money
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 […]
Czechs are here
The first European airline to come into the country since the peace process, started operations this week. The Czech Republic national carrier, Czech Airlines will use Sri Lanka as the airlines east Asian hub after having pulled out from Thailand recently.The other long haul flights available are to New York and Montreal.rn rnCzech airline will […]