Tag: Finance

Nov 21, 2011 (LBO) – Sri Lankan soldiers disabled by war will be given a loan scheme to start their own businesses in the government’s budget for 2012, Sri Lankan president and finance minister Mahinda Rajapaksa said. The budget for 2012 will allocate 1. 7 billion rupees to be given to the ‘Ranavira Authority’, a […]

Nov 21, 2011 (LBO) – Sri Lanka will depreciate the rupee 3. 0 percent to help export competitiveness, President Mahinda Rajapaksa told parliament in his budget speech for 2012. “Countries that are competing with us have depreciated their currencies,” President Rajapaksa said. “To correct this disadvantage, as an incentive to exports I intend to depreciate […]

Nov 21, 2011 (LBO) – Sri Lanka has raised annual taxes on ‘luxury’ cars between 20,000 to 50,000 rupees a year with new vehicles with engine capacity over two litres, being charged the highest rates of 150,000 rupees. Sri Lanka’s budget or 2012 said ‘luxury’ diesel cars over 2. 5 litres of engine capacity and […]

Nov 21, 2011 (LBO) – Sri Lanka will give tax holidays between 4 to 6 years to companies investing between 50 to 300 million rupees in export and import substitution businesses, President Mahinda Rajapaksa said. The necessary changes will be made into revenue and strategic investment laws, President Rajapaksa said. The state will also finance […]

Nov 21, 2011 (LBO) – Sri Lanka will give tax breaks to run sports venue and make incomes of foreign trainers tax free, president Mahinda Rajapaksa said in a budget for 2012 presented in parliament. “Our country has already achieved world repute in cricket, and several other sports,” the text of a budget speech said. […]

Nov 21, 2011 (LBO) – Sri Lanka is travelling new road turning its back on a “very destructive” path the country started to tread from 1977, President Mahinda Rajapaksa said presenting a budget for 2012. After taking over in 2005 he ended a 30-year war wiping out Tamil Tiger separatists, boosted the rural economy and […]

Nov 20, 2011 (LBO) – Sri Lanka’s budget for 2012 to be presented to parliament on Monday will seek to further narrow a deficit, maintain public investment and create an environment to improve productivity, officials have said. According to earlier statements, the 2012 plans to cut the deficit to 6.2 percent of gross domestic product […]

Nov 19, 2011 (LBO) – Vietnam’s remarkable success of drawing foreign direct investment, even from former foes involved in a bitter civil war, came from a combination of foreign and economic policy, Vietnam President Truong Tan Sang said. France, a former colonial power with which the first Indochina war was fought, has invested 2.9 billion […]

Nov 18, 2011 (LBO) – The Ceylon Chamber of Commerce said it hopes the Sri Lankan government’s forthcoming budget for 2012 would maintain consistency in investor and tax policies. The Chamber last week had called on the government to defer a controversial expropriation law passed by parliament that rating agencies have warned would deter investors […]

Nov 17, 2011 (LBO) – Sri Lanka’s citizens need freedom for economic progress, a lawmaker said during a debate on an expropriation law which violated property rights that pre-dated the island’s Western-style constitution. “I know that (economic development) minister Basil Rajapaksa and everyone here actually believe in the market economy,” lawmaker and economist Harsha de […]

Nov 17, 2011 (LBO) – Sri Lanka’s central bank said there may be room for former owners of seized assets to negotiate with competent authorities appointed by the state, after rating agencies raised fears of deteriorating property rights in the island. The government expropriated land in 36 enterprises and ordinary shares of listed Hotel Developers, […]

Nov 17, 2010 (LBO) – Former owners of expropriated assets may be given a chance to manage the companies again if a competent authority appointed by the state finds them acceptable, a minister said. Cabinet spokesman and information minister Keheliya Rambukwelle said the government will shortly appoint competent authorities to the seized firms and they […]