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Sri Lanka cabinet approves reintroduction of capital gains tax
Jun 15, 2016 (LBO) – The cabinet committee on economic management has agreed to reintroduce the capital gains tax (CGT) to rectify the increase in the inequality of income distribution, a cabinet proposal said. “The cabinet also approved to draft a new capital gains tax regime,” it said. During the last few decades there has been a […]
Sri Lanka’s NBT should be abolished, minimal exemptions for VAT: IMF
June 15, 2016 (LBO) – International Monetary Fund’s latest staff report has suggested that Sri Lanka should minimize the exemptions provided under the Value Added Tax system, while abolishing the Nation Building Tax. The report has highlighted that the country needs an appropriate registration threshold and the degree of base erosion should be reviewed. Sri […]
Sri Lanka promises to reform Airline, public sector, fuel pricing to IMF
June 15, 2016 (LBO) – Sri Lanka has committed to reforming government finances and the public sector, in its letter of intent to the International Monetary Fund. Structural benchmarks include a “resolution strategy” for SriLankan Airlines by September 2016, in which it will take the loss-making airline off its books. Other reforms include enhancing oversight […]
Sri Lanka commences innovation portfolio measuring
June 15, 2016 (LBO) – Work on Sri Lanka’s long awaited national Innovation Index which is set to measure the islands innovation portfolio, began in Colombo, Tuesday. The UN agency tasked with world Intellectual Property (IP) development says in a statement that many new IP projects have been earmarked for Colombo in future. “In view of […]
‘s yuan hits weakest in more than 5 yrs after PBOC fix, MSCI disappointment
SHANGHAI, June 15 (Reuters) – China’s yuan slumped to its weakest level in more than five years against the dollar at Wednesday’s open, after the central bank set its official midpoint at its lowest level since January 2011. The yuan hit an intraday low of 6.6047 per dollar in early trade against Tuesday’s close of […]
DFCC Bank launches Sri Lanka’s first virtual payment system
Jun 14, 2016 (LBO) – Sri Lanka’s DFCC Bank launched the Vardhana virtual wallet, a mobile application that enables financial inclusion for its customers, Tuesday. The mobile app enables users to simplify the way they transact and stay in control of their finances. The banks customer base is around 300,000 to 400,000 and around a […]
Sri Lanka must get finances in order: IMF
June 14, 2016 (LBO) – Sri Lanka needs to put its fiscal house in order, the International Monetary Fund said, revealing details of the 1.5 billion dollar 36-month support programme. “There is a clear need to put tax revenues on an upward path as part of a growth-friendly phase of fiscal consolidation and debt reduction,” […]
Sri Lanka foreign reserves at USD5.6 billion end May
June 14, 2016 (LBO) – Sri Lanka’s official reserves were 5.62 billion dollars at the end of May, down from 6.07 billion dollars end of April, Central Bank data showed. Foreign currency reserves were 4.6 billion dollars, and reserves in Gold were 0.8 billion dollars. The IMF’s first disbursement of SDR 119.894 million (168.1 million […]
Foreign Minister commits to strengthening relations with Czech Republic
Foreign Minister Mangala Samaraweera on a visit to the Czech Republic from 9-11 June, at the invitation of the Minister of Foreign Affairs of the Czech Republic, Lubomir Zaoralek, reaffirmed Sri Lanka’s commitment to strengthen relations between the two countries. Discussions with Foreign Affairs Minister Zaoralek included reviewing ongoing bilateral cooperation and identifying new areas […]
Microsoft to acquire LinkedIn for USD26.2bn
June 14, 2016 (LBO) – Microsoft is to acquire social networking site LinkedIn for 196 US dollars per share in an all-cash transaction valued at 26.2 billion US dollars, inclusive of LinkedIn’s net cash. LinkedIn is the world’s largest and most valuable professional network and continues to build a strong and growing business. Over the […]
Oil futures fall as global growth, Brexit concerns weigh
TOKYO, June 14 (Reuters) – Crude oil futures fell in Asian trade on Tuesday, as investors ignored signs of market tightness to focus on concerns over global growth and overnight declines in stocks on the impending vote on Britain’s possible European Union exit. Brent crude oil futures slipped below $50 a barrel, falling 50 […]
Sri Lanka sells USD250mn one-year development bonds
June 13, 2016 (LBO) – The issue of Sri Lanka development bonds amounting to 200 million US dollars has been oversubscribed with over 516 million US dollars of bids received from investors. The central bank has accepted 250.04 million US dollars in one year bond at a floating rate of six month LIBOR (94 bp) […]