Tag: business

Dec 03, 2014 (LBO) – Sri Lanka’s inflation is easing and has weathered recent external turbulence well but the country has to be careful about external borrowing and effects of recent rate cuts, the International Monetary Fund has said. In the first post-program monitoring discussion with Sri Lanka, the IMF has also warned against a […]

Dec 03, 2013 (LBO) – Sri Lanka’s third integrated resort in Colombo with a 300 million US dollar investment will have 80 percent foreign investment, officials said.Tax breaks for the two projects were delayed following protests. Sri Lanka’s Rajapaksa administration has come under fire for lowering gaming taxes to 5 percent and lifting value added […]

Dec 03, 2013 (LBO) – Sri Lanka is estimated to have received about 1. 2 billion US dollars of foreign direct investment by November 2013, investment promotions minister Lakshman Abeywardene said. For 2013 Sri Lanka targeted 2.0 billion US dollars of investments and it is not clear whether the target will be met. The data […]

Nov 28, 2013 (LBO) – Sri Lanka has 1.9 billion US dollars of new bilateral and multilateral commitments up to September 2013 led by China with export credit from other countries also showing increases, a finance ministry report showed. The Exim Bank of China has given 283 million US dollars for railway track, 155.4 million […]

Nov 27, 2013 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce has announced the winners of its ‘Best Corporate Sustainability Awards’ which encourages firms to get more involved in environmental and social work. Best Corporate Citizen Sustainability Award 2013 Winners- Category A 1. Diesel & Motor Engineering PLC 2. Sampath Bank PLC 3. Aitken Spence […]

Nov 27, 2013 (LBO) – Sri Lanka’s state energy firms are repaying debt to banks with returning profits, but off-budget bank borrowings under Treasury guarantees are continuing to climb, finance ministry data showed.Loss-making state enterprises that borrow for consumption spending using savings of private citizens have been a key reason for lower domestic investments and […]

Nov 26, 2013 (LBO) – Sri Lanka’s income tax volumes showed the strongest gain following a cut in the rates, in the middle of an economic downturn the reduced most other collections, a finance ministry report showed. Sri Lanka’s income tax collections rose 14.4 percent to 154.7 billion rupees in the first nine months of […]

Nov 26, 2013 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce said it is holding a forum with legislators from key political parties set to take part.Sarath Amunugama from the ruling People’s Alliance, Harsha De Silva from the United National Party, Sunil Handunetti from the Janatha Vimukthi Peramuna, and Udaya Gammanpila from the Jathika Hela […]

Nov 25, 2013 (LBO) – Fitch Ratings said the Sri Lanka’s recent budget would help Sri Lanka’s ‘BB” sovereign rating.Fitch said Sri Lanka has to guard against foreign debt. “The Sri Lankan government also has a significant amount of foreign currency debt,” Fitch said. “At around 33% of GDP this poses a risk to the […]

Nov 23, 2013 (LBO) – Sri Lanka’s main opposition United National Party slammed the ‘cronyism’ displayed in some of the tax cuts but said bringing down the deficit amid lower tax revenues deserved recognition.Opposition legislator Harsha de Silva said some of the duty and tax concessions for luxury branded goods and the value added tax […]

Nov 22, 2013 (LBO) – Sri Lanka has slapped a series of new taxes to raise revenue and worsen protectionism setting an ambitious state revenue targets for 2014 with more spending and borrowing outlined outside the budget.But state airlines continued to run losses, needing a 200 million US dollar bailout in 2014. The Urban Development […]

Nov 21, 2013 (LBO) – A two percent nation building tax will be imposed on banks, export taxes will be charged on cinnamon and pepper and import taxes will be raised on fishing boats and fish, President Mahinda Rajapaksa said.Cess taxes will also be raised on butter, yoghurt and milk products. Wooden furniture imports will […]