Tag: Finance

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) – Sri Lanka has raised a tax on telecom services and imposed import taxes on a series of foods and other goods to help favoured businessmen and removed value added tax exemptions. A tax on telecom services which include voice calls has been raised to 25 percent from 20 percent, but […]

Nov 21, 2012 (LBO) – Sri Lanka is presenting at budget to the parliament for 2014 today amid tight economic conditions that has reduced tax revenues in the first half of 2013.Sri Lanka was expected to cut the budget deficit to 5.8 percent of gross domestic product in 2013 and go for a tighter target […]

Nov 21, 2013 (LBO) – Sri Lanka is expected to grow 8.0 percent in 2014 with inflation of less than 6 percent and the budget deficit is expected to be brought down to 5.2 percent of gross domestic product, the Central Bank has said.Global commodity prices have however softened in recent weeks, with coffee prices […]

Nov 21, 2013 (LBO) – State-run SriLankan Airlines and Mihin Lanka will be given 200 million US dollars bailout in the 2014 budget, President Mahinda Rajapaksa said.Ceylon Electricity Board has turned around and Ceylon Petroleum has cut losses. SriLankan will get 150 million US dollars and Mihin Lanka will get 50 million US dollars. Both […]