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Sampath Bank Maintains its Sustainable Growth Trajectory
Sampath Bank produced strong results for the nine months ended 30th September 2021, despite the challenges caused by prolonged impact of the COVID -19 pandemic. Due to the strategic initiatives and target orienting business plans, the Bank was able to steer through volatile economic conditions created by the pandemic to record a sizable 76.4% improvement […]
Finance Minister proposes to release all vehicles seized at Customs subject to taxes
Finance Minister proposes to release all vehicles seized at the Sri Lanka Customs owing to non-payment of applicable taxes and other reasons. Such release will be subject to the applicable taxes and fines. It is also proposed to impose a fee on vehicles meeting with accidents with the opportunity of reimbursing this fee from the […]
Government seeks to collect Rs 140bn from Social Security Contribution
Aiming to rebuild Sri Lanka’s economy affected by the Covid pandemic, a “Social Security Contribution” has been proposed by the Finance Minister. This contribution will be charged at 2.5 percent on the annual threshold turnover exceeding Rupees 120 million. Rupees 140 billion is expected as revenue through this contribution. This will be effective from 01 […]
Finance Minister proposes one-time tax for big companies & financial institutions
Finance Minister Basil Rajapaksa proposed to impose a one-time tax surcharge of 25 percent on persons or companies with taxable income over Rupees 2,000 million for the year of assessment 2020/2021. Rupees 100 billion is expected to be earned through this tax. VAT on banks and financial service providers under supply of financial services by […]
Budget 2022: Download Full Budget Speech
Budget Speech 2022: DOWNLOAD Budget Speech 2022 (Annexures): DOWNLOAD
Sri Lanka Budget 2022 – LIVE Coverage
The Minister of Finance Basil Rajapaksa is delivering the Second Reading of the Appropriation Bill for the financial year 2022 in Parliament. Finance Minister presenting the budget said “We are presenting the budget amid five global challenges and many countries are focussing on internal problems, there are climate problems, inflation and Coronavirus crises has disrupted […]
Reliance Industries acquires amanté from MAS Holdings
MAS Holdings announced that one of its subsidiaries, MAS Brands, which owns and operates the retail lingerie business under the brand amanté, was acquired by Reliance Retail Ventures Limited, a subsidiary of the Ambani-owned Reliance Industries. The amanté business, which was established by MAS in 2007/8, engages in the retail and wholesale distribution of premium […]
eChannelling Q3 financial performance sets foundation for growth: Records 116-pct growth YOY
eChannelling PLC, the largest Channelling Network in Sri Lanka and a subsidiary of SLT-MOBITEL, is gearing towards a quantum leap with acquisitions, expansion plans, partnerships and product innovation to further uplift the nation’s digital lifestyle experience. Supporting this trajectory is eChannelling’s strong Q3 performance, forming a firm foundation for its strategic relaunch and future growth. […]
Central Bank expects inflation to remain high at around 8-9% in next few months
Sri Lanka’s Central Bank expects inflation to remain high at around 8-9% in the next few months, before gradually reverting to the desired 4-6% level thereafter. Releasing the ‘Recent Economic Developments’ report, the Central Bank said that the upward adjustments in retail market prices of some commodities, mainly driven by supply side factors and increased […]
CBSL expects reserves to remain around USD 3.5bn by end 2021; USD 4bn on average in 2022
Sri Lanka’s Central Bank expects gross official reserves to remain at around USD 3.5 bn at the end of 2021, and around USD 4.0 bn on average in 2022. Releasing the ‘Recent Economic Developments’ report, the Central Bank said that it expects financial flows to strengthen in the period ahead with the envisaged inflows in […]
Teejay Lanka consolidates in Q2 to post 6-month revenue of Rs 23.1Bn
Topline grows 71% on higher demand for fabric Net profit improves by 59% to Rs 954.1 million for 1H Teejay Lanka PLC has built on its robust first quarter performance in Q2 of 2021-22, helped by strong demand for fabric from strategic customers due to the changing dynamics of the global market, increased capacities and […]