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Sri Lanka taxes hit drinkers, smokers and drivers
Nov 08, 2007 (LBO) – Sri Lanka’s cash strapped government is taxing booze, smokes and cars again to boost government revenues and finance subsidies, the 2008 budget presented to parliament showed. “We have sharply increased taxes on alcohol and cigarettes to discourage consumption,” the budget speech tabled in parliament by President Mahinda Rajapakse said. The […]
Sri Lanka new tax proposal summary
Here are some of the key government revenue proposals presented in the 2008 budget: – Tax Reliefs for new investments in the Eastern Province – The following tax relief will be available on investments in any undertaking of any nature, where i. The investment is over Rs.50 MN, and ii. Provides employment opportunities for not […]
Be Careful
Nov 08, 2007 (LBO) – Sri Lanka’s shaky budgets and complementary monetary policy are the biggest dangers to the banking system, an international rating agency has warned. Fitch Ratings says the ongoing internal war and even the December 2004 tsunami had little direct impact on the stability of Sri Lanka’s banking system. “However, the state’s […]
Oil prices ease off new peaks near 100-dollar mark
NEW YORK, Nov 7, 2007 (AFP) – Crude oil prices eased back from new peaks near the 100-dollar mark Wednesday after a weekly US energy report showed a smaller-than-expected decline in stockpiles. New York’s main contract, light sweet crude for December delivery, dipped 33 cents to close at 96. 37 dollars a barrel, after hitting […]
Sri Lanka Australia Tests open with global media locked out
BRISBANE, Australia, Nov 8, 2007 (AFP) – Australia’s Test cricket season opened Thursday with international fans unable to follow the action after organisers locked global news agencies out of the ground in Brisbane.The restriction was lifted 90 minutes before the tournament kicked off. The row also left Australia’s largest media organisation, News Limited, unable to […]
Sri Lanka navy gets US radar, boats
Nov 08, 2008 (LBO) – The United States has given Sri Lanka’s navy more equipment to improve maritime security against the Tamil Tigers while urging a negotiated settlement to the ethnic conflict. US Ambassador Robert O. Blake, Jr. handed over the equipment to navy commander Vice Admiral Wasantha Karannagoda at a ceremony in eastern Trincomalee […]
Sri Lanka talks growth-inflation tightrope
Nov 07, 2007 (LBO) – Central Bank governor Ajith Nivard Cabraal said that tight monetary policy and efforts to reduce the budget deficit should trim sky-high inflation in the coming months. He said the government has to maintain a balance between controlling inflation and maintaining steady economic growth. Cabraal said Wednesday the island had coped […]
Sri Lanka to limit tax holidays – Update II
Nov 07, 2007 (LBO) – Sri Lanka would cap tax holidays to a maximum of three years from 2008, and extend tax incentives only to low income housing and projects in difficult rural areas, President and finance minster Mahinda Rajapaskse said.“(We will) give only three year tax holidays other than for flagship investments, or to […]
Sri Lanka budgets 7-pct deficit for 2008
Nov 07, 2007 (LBO) – Sri Lanka says the budget deficit for 2008 would be 7.0 percent of the economy and the country was hoping to balance its revenues and day-to-day expenditure, a goal that has proved elusive for two decades. The government also promised a revenue surplus in 2007 but ended up with a […]
Sri Lankan earnings from abroad to be tax free
Nov 07, 2007 (LBO) – Incomes earned abroad by Sri Lankans including dividends and interest earned abroad that is remitted through the banking sector would be made free of income tax, according to proposals in the 2008 budget. Profits and income by individuals, partnerships, fees and allowances and dividends or interest from investments outside Sri […]
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Nov 07, 2007 (LBO) – Sri Lankan media groups Wednesday condemned government restrictions on private media covering the 2008 budget speech by President Mahinda Rajapakse in parliament.The Free Media Movement, speaking on behalf of several media groups, said in a statement that it was deeply concerned and condemned the ban on photo journalists covering the […]
Sri Lanka slaps tax on wireless fixed phones
Nov 07, 2007 (LBO) – The Sri Lankan government Wednesday said it would extend a 10 percent tax on mobile phones to wireless CDMA phones in an effort to raise revenue. . The move was announced by President Mahinda Rajapakse, who is also finance minister, when he presented the government’s budget for 2008 in parliament. […]