Tag: lankabusinessonline

A new tea sector association will talk over the responsibility of regulating the industry finance minister K. N. Chocksy told parliament today.rnThe association will also set up standards for Sri Lankan tea and enforce them.rn rnThe apparel industry will also get a new apex body to guide the industry towards the end of the multi-fibre […]

All new public sector employees will have to contribute towards their pensions from January 01.rn rnThe EPF style scheme envisages an 8 per cent contribution from employees and 10 per cent contribution from the state.rn rnSalaries will be adjusted to conform to this.rn rnMeanwhile the government is also planning to close down all redundant government […]

The government is expecting to end the year with a budget deficit of 8.9 per cent of GDP, which is just 0.4 per cent off target.rn rnThis is the best any government has done in recent years, with deficit target of 1.5 per cent to 2.5 percentage points being an accepted norm.rn rnThe overall deficit […]

The government Wednesday proposed that all imported commodities excluding essential items such as wheat and crude oil to be subjected to import duties ranging from 2 per cent to 10 per cent.

Unit trust and mutual funds will be taxed once, and income will be tax free in the hands of the unit holders according to the latest budget proposal.rn rnMutual funds that invest in specified areas will be taxed at only 10 per cent on interest and dividend income while others will be taxed at a […]

The first in line includes all licensed commercial bank and specialised banking instructions, needing to have credit rating by January 2004.rn rnRegisterd finance companies and leasing companies that raise funds by issuing debt to the public will need a credit rating by 2005.rn rnMeanwhile, all other private companies that raise funds by issuing debt instruments […]

The government hopes to set up a road fund, monies of which will go towards maintaining and developing Sri Lanka quote s road network.rn rnContributions to the road fund will come from an additional charge to be imposed on licence renewals.rn rnThe government estimates to generate up to 500 million in 2003, and will directed […]

Though many government servants are looking to the budget for a salary increase analysts say any increase will be tied to a voluntary retirement scheme.rn rnThe government has already gone public with voluntary retirement packages to state enterprises such as the Ports Authority, Ceylon Petroleum and Salu Sala.rn rnMeanwhile the Treasury has already frozen employment […]

Putting its restricting plans into action the Urban Development Authority (UDA) will let out two of its prime properties in Colombo on long lease to private developers.rn rnInvitations were called over the weekend to put up buildings that combine residential and commercial facilities in Chattam Street in Colombo 1 and on Galle Road, Colombo 3.rn […]

Government is planning to set up an independent holding company to own and manage state enterprises.rn rnThe company set up on the lines of Temasek Holdings of Singapore will enable state enterprises to be run independent of the government while the Sate retains ownership.rn rnAn independent audit authority answerable to parliament is also on the […]

Infusing fresh discipline into the bloated state machinery, a proposal to set up a Singapore style investment holding company and National Audit Authority has got the government quote s attention. rn rnThe Dutch government has sent a team of experts to look at the possibility of starting an independent National Audit Authority.rn rnThe new authority […]

The World Bank will offer a loan to prop up the government budget next year.rn rnThe poverty reduction support credit will come on the back of the proposed growth facility loan currently being negotiated with the IMF.rn rnUnlike a program loan the PRSC funds will go towards financing the budget. rn rnThe government and the […]