Tag: economy

Nov 22, 2010 (LBO) – Sri Lanka is awaiting a budget for 2011 which will increase total taxes extracted from the people to fund state spending, while there are hopes that excessively taxed sections will get some reductions and the deficit will narrow. The current account deficit has been the key reason for low total […]

Nov 22, 2020 (LBO) – Sri Lanka’s economy is projected to grow 7. 6 percent in 2010 up from 3.5 percent in 2009, helped by the end of a 30-year war, which would be followed by an 8. 0 percent expansion in 2011, the Central Bank said. “All major sectors in the economy are expected […]

Nov 22, 2010 (LBO) – Sri Lanka has cut a series of taxes on banks in a bid to increase banking activities, but raised a tax on stock trading, President Mahinda Rajapaksa said presenting the budget for 2011 in parliament. A debit tax on withdrawals from banks would be lifted and a so-called financial value […]

Nov 22, 2010 (LBO) – Sri Lanka will cut corporate income taxes from 35 to 28 percent except for tobacco and alcohol, while income taxes for casinos, a newly legalized industry will be set at 40 percent, a budget for 2011 said. At present companies and non-governmental organizations are taxed at rates around 30 percent, […]

Nov 22, 2010 (LBO) – Sri Lanka is planning to run a budget deficit of 433. 7 billion rupees or 6.8 percent of gross domestic product, down from a revised 446. 7 billion rupees or 8.0 percent gap in 2010, a budget presented to parliament said. In 2011 the government is planning to increase tax […]

Nov 22, 2010 (LBO) – Sri Lanka’s government will raise an employee income tax threshold and end discrimination that exempted state workers from paying tax, President Mahinda Rajapaksa told parliament. The PAYE (pay as your earn) tax threshold is to be raised to 600,000 rupees a year or 50,000 rupees a month, Rajapaksa said in […]

Nov 21, 2010 (LBO) – The greatest need for post-war Sri Lanka’s plans for accelerated economic growth is an adequate and appropriate human capital base, a top economist and educator has said. Sri Lanka is chasing 8.0 percent growth after ending a 30-year war with Tamil separatists terrorists. “Sri Lanka which is after the war […]

Nov 20, 2010 (LBO) – Maldives has had discussions with Sri Lanka on the possibility of gaining access to a hard currency as money printing created dollar shortages and the International Monetary Fund suspended a deal with the archipelago. The International Monetary Fund suspended a deal with the archipelago as the state was unable to […]

Nov 19, 2010 (LBO) – A recent state push into business is taking away opportunities available for the private sector to expand their wings at the end of a 30-year war, a Sri Lankan entrepreneur has warned. “Government is trying to compete (against private citizens), it could be hotels, insurance and any other area,” W […]

Nov 19, 2010 (LBO) – Sri Lanka’s president Mahinda Rajapaksa was sworn in for a second six year term in office Friday, a day after his birthday which was celebrated with a 15,000 kilogram ‘milk rice’ by the island’s top chefs. President took his oaths before the country’s Chief Justice in a nationally televised ceremony. […]

Nov 19, 2010 (LBO) – Sri Lanka will stop giving tax holidays for investment projects smaller than 5. 0 million US dollars to close a loophole that has drained state revenues through the import of duty free equipment, a government minister said. This year the government has to tax the people to give a salary […]

Nov 18, 2010 (LBO) – Sri Lanka can expect higher post-war growth, with lower inflation, higher employment provided deficit spending can be checked and capital inflows channeled to direct investment, a senior rating official said. “The two key reasons underpinning growth is the return of peace and all that it implies for investor confidence,” Roopa […]