Category:
Bank Rates
Nov 23, 2010 (LBO) – Sri Lankan banks should provide more long-term loans and tax cuts in the government budget for 2011 are meant to encourage longer maturity lending, finance ministry secretary P B Jayasundera said. Key sectors of the economy like tea and rubber, where cultivators must wait several years for the first harvests, […]
Open Exchange
Nov 23, 2010 (LBO) – Sri Lanka has allowed residents to buy stocks abroad and foreign investors have been allowed to buy into local corporate debt and insurers have been given permission to invest up to 20 percent of their reserves abroad. The exchange control relaxations are in effect from November 22, the government said […]
Nail Claim
AMMAN, November 22, 2010 (AFP) – A Sri Lankan maid who said she had swallowed nails did so to pin the blame on her employer in Jordan and be sent home, recruitment agency officials said in the Jordan Times newspaper on Monday. “We have asserted that the helper™s accusations were false and she had confessed […]
Grave Probe
November 23, 2010 (AFP) – Sri Lanka Tuesday began investigating a claim that Tamil Tiger rebels executed 26 captured government soldiers at the height of fighting between the two sides last year, an official said. Military spokesman Udaya Madawala said forensic experts and police investigators had been sent to the northeastern district of Mullaittivu Monday […]
Tele Tax
Nov 23, 2010 (LBO) – A change in telecom taxes in the 2011 budget where a 20 percent flat levy replaced a series of earlier taxes can result in lower bills for users, a telecom analyst said. “So even users of international calls may not be very much affected. ” Before the budget, a series […]
Telecom Taxes
Nov 23, 2010 (LBO) – Sri Lanka has imposed new taxes on telecommunication including a 20 percent tax removing some of the existing ones, a regulatory license fee equal to 2. 0 percent of revenues and has also imposed a new tax on international calls. From July 2011 the minimum call rate of 2. 0 […]
Sri Lanka allows electric cars, hybrids duty free
Nov 23, 2010 (LBO) – Sri Lanka has made electric and hybrid cars duty free, while value added tax and rates of depreciation allowed for used cars has also been increased, a budget for 2011 said. The government will also allow state workers and state corporation employees to import cars at a lower duty. A […]
Sri Lankans allowed to buy foreign equity, foreigners to buy private bonds
Nov 23, 2010 (LBO) – Sri Lankan individuals and unlisted firms will be allowed to buy foreign listed stocks for up to 100,000 US dollars a year and listed companies could buy up to 500,000 dollars worth a year, Central Bank Governor Nivard Cabraal said. A central bank that prints money has to allow the […]
Sri Lanka gets most FDI for telecoms in first half 2010
Nov 23, 2010 (LBO) – Sri Lanka has received 208 million US dollars as foreign direct investments in the first half of 2010, with telecoms leading with 85 million US dollars, followed by manufacturing at 56 million US dollars, the Central Bank said. “Of the manufacturing sector, food, beverages and tobacco products; textile, wearing apparel […]
Sri Lanka stocks close down 0.7-pct
Nov 22, 2010 (LBO) – Sri Lanka stocks closed down 0. 75 percent Monday, with interest shown by both the institutional and retail traders, brokers said. The All Share Price Index closed at 6,515. 80, down 0.75 percent (49.20 points) while the Milanka index of liquid stocks dipped 0. 53 percent (37.49 points) to close […]
Sri Lanka to raise export taxes on bulk tea, rubber exports
Nov 22, 2010 (LBO) – The Sri Lankan government plans to raise taxes on exports of bulk tea and raw rubber in penalizing producers and restricting their market access in a bid to support value added production, the budget for 2011 said. President Mahinda Rajapaksa told parliament during his budget speech that the island has […]
Sri Lanka to distribute unused estate land among small farmers
Nov 22, 2010 (LBO) – The Sri Lankan government intends to distribute among small farmers uncultivated land on tea estates operated by listed regional plantations corporations, President Mahinda Rajapaksa told parliament. The RPCs will be given six months’ notice to cultivate unused land, he said during a speech on the government budget for 2011. If […]