Category:
Vat The Hell
Under the proposed laws it would be a serious offence to disclose the VAT component in invoices issued to customers who are not registered for VAT. If a business issues a tax invoice to a customer who is not registered as a VAT payer with Inland Revenue, the firm will be slapped with a minimum […]
Tax Gains
Deferring the Value Added Tax for another month will not put a strain on state revenues as the government is reaping an unexpected windfall through the 10 percent Withholding Tax.
Growing @ 20%
Central Bank 1st quarter GDP figures indicate that the sector grew by 20 per cent, while the provision of cellular phones increased by 41 per cent.rn rnInternet and e-mail services grew by 27%. The new Telecom Bill due in August is expected to further accelerate growth in the sector.rn rnThis, at a juncture where most […]
Revving Up
Despite a dismal 0.1 percent growth in the first quarter, Central Bank quote s Deputy Governor P M Nagahawatte says the economy is on target to achieve a 3.7 percent growth this year. rnThe bank quote s Statistics Director, Dr. Anila Dias Bandaranaike said improved rains, recovery in imports, the recent rally in the stock […]
Adding Wings
The A320 will be used to service new routs to India including Bangalore, Bogh Gaya and a resumption of a fifth weekly service to Trichy and to Frankfurt, Germany.rn rnOn a lease from Orix Aviation Systems Limited of Ireland, the A320 is fitted with 12 business and 138 economy class seats. rn rnWith the additional […]
Russian Ripper
Russia continues to be one of Sri Lanka quote s top buyers, importing approximately 50 million kilos a year and also the biggest value added market.A number of Russian companies had proposed to increase the tax by as much as 60 per cent. The mover aims to support Russian companies manufacturing value added tea, which […]
Rewiring Mechanism
An ADB release said ldblquote The funds, from the existing Second Power System Expansion project, will rehabilitate low voltage transmission and distribution systems and will complement the recently-awarded private sector contract for 20 megawatts of emergency power for Jaffna.dblquotern rnThe Ceylon Electricity Board has been entrusted with the rehabilitation project. rn rnIn an earlier resolution […]
Betting On laws
The revised act with lower taxes and penalties for defaulters is expected to encourage bookkeepers and casinos to be a recognised taxpayer.rn rnThe exercise is expected to net in over Rs. 200 million to government coffers, under the budget for 2002 presented by the UNF coalition. rn rnInland Revenue authorities have already begun their campaign […]
Bangalore and Back
The airlines will also add Bogh Gaya while resuming its fifty flight to Trichy and its service to Frankfurt, Germany during the winter season.rn rnSriLankan Airlines Head of commercial, G.T. Jayaseelan said an A320 Airbus aircraft would be leased to service the rout, beginning operations in July.rn rnHe said that the Airlines quote was operating […]
Full House
The Central Bank says the response was phenomenon, but stopped short from disclosing how much of bids it received. rnrnThe US$ 91.5 mn of the US$ 250 mn issue carries a minimum two-year tenure linked to the six months LIBOR plus 200 basis points. rnrnUnlike previous issues, investors had the option of bidding for maturities […]
Closer Look
The suggestion that a post-implementation review (PIR) mechanism be put in place was mooted at the recent development forum held in Colombo. rnrnServing a kind of watchdog function, a team of multi-disciplinary professionals conducts the audit at the completion of selected projects or any significant capital expenditure commitments. rnrnProgress reviews of this kind are usually […]
Long Term Dues
Superintendent Public Debt, Dharma Dheerasinghe told Lanka Business Online that the bank hopes to offer around Rs. 1.5 bn at the initial issue. rnrnThe bond is likely to be priced at around 12 percent to 13 percent, though market players are expecting to bid at around 15.5 percent. rnrnThe ten-year bond, the first in Sri […]