Category:
Sri Lanka military opens more hotels, creates resort brand
Nov 09, 2012 (LBO) – Sri Lanka’s army has opened its third resort hotel and also created a brand as part of efforts to add more rooms to cater to an influx of tourists and promote soldier welfare. Army chief Jagath Jayasuriya said the army, which opened its first resort to provide rest and recuperation […]
Denial
Nov 09, 2012 (LBO) – Sri Lanka’s chief justice has denied charges in an impeachment motion in parliament, giving details over allegations of undeclared assets and the purchase of propety in a letter sent through her lawyers to the media. “Our Client instructs us to state that she will, as always, continue to duly and […]
Sri Lanka gives tax breaks for renewable energy
Nov 09, 2012 (LBO) – Sri Lanka has cut taxes on renewable energy equipment and given accelerated depreciation allowances for renewable energy investments and given tax holiday for wood based energy crops. Industries investing in renewable energy which will cover up to 30 percent of their needs would be given lump sum depreciation for tax […]
Sri Lanka chamber backs budget targets, calls for rule of law
Nov 09, 2012 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce said it was encouraged by government plans to cut the budget deficit which will help create a stable economy which will allow economic targets to be achieved. “Prudent monetary policies and the maintenance of fiscal discipline are required if the medium term macro targets […]
Sri Lanka expects strong revenues, record domestic borrowings in 2013
Nov 09, 2012 (LBO) – Sri Lanka is expecting to grow revenues by an optimistic 19.2 percent to 1.25 trillion rupees cut foreign borrowings by 55 percent and ratchet up domestic borrowings by a record 64 percent to 421 billion rupees, a budget for 2013 shows. In 2013, Sri Lanka is expecting to run a […]
Sri Lanka ups protectionism in autarkist budget
Nov 09, 2012 (LBO) – Sri Lanka has upped protectionist taxes in foods and building materials allowing more profits for producers allowing producers as citizens try to eat and build homes for themselves. Raising import duties allows producers to engage in tax arbitrage, the act of collecting as profits the equivalent of amount of tax […]
Sri Lanka raises crop planting subsidies
Nov 08, 2012 (LBO) – Sri Lanka’s government will increase subsidies to encourage small farmers expand tea, rubber and coconut cultivation, President Mahinda Rajapaksa said. Small farmers account for the bulk of the production of the three main agricultural export commodities, Rajapaksa, who is also finance minister, told parliament while presenting the budget for 2013. […]
Sri Lanka should cut high food taxes to reduce malnutrition: science minister
Nov 08, 2012 (LBO) – Sri Lanka should cut high food taxes which will make proteins more accessible to the poor and reduce malnutrition among small children, science and technology minister Tissa Vitharana has said. “I looked into this question of nutrition, and there is evidence that there is some increase of acute mal-nutrition, really […]
Sports Break
Nov 08, 2012 (LBO) – Sri Lanka will cut taxes on racing cars and give valued added and turnover based tax relief to sports related economic activities according to a budget for 2013 presented to parliament. President Mahinda Rajapaksa who is also finance minister said in a prepared budget speech that the foreign income from […]
Retail Tax
Nov 08, 2012 (LBO) – Sri Lanka has extended value added tax to the retail trade starting with supermarkets with a turnover above 500 million rupees a quarter, President Mahinda Rajapaksa said presenting a budget for 2012. Supplies made by the Central Bank, some services of public corporations have also been exempted from tax. A […]
Net Economy
Nov 08, 2012 (LBO) – Sri Lanka will halve taxes on high-speed broadband services to 10 percent to make the service cheaper in an effort to develop the island’s budding information communications technology industry, President Mahinda Rajapaksa said. Income tax on the ICT sector will be kept at a maximum 16 percent, Rajapaksa, who is […]
Sri Lanka bank profits for farmer insurance
Nov 08, 2012 (LBO) – Sri Lankan banks will be asked to pay one percent of their profits to a national insurance fund to help farmers from next year, the island’s president Mahinda Rajapaksa said. Rajapaksa, who is also finance minister, said farmers who get a fertiliser subsidy will also be asked to contribute to […]