Tag: lbo
Sea battle in Sri Lanka; seven killed in mine blast
Nov 18, 2006 (AFP) – Sri Lanka’s navy and Tamil Tiger rebels Saturday claimed they had sunk each others’ craft in a sea battle off the northwestern coast as seven people were killed following a mine blast elsewhere. The island’s northeastern seaboard is a vital supply route for security forces and civilians in Jaffna. The […]
” banks after two year experiment
Nov 17, 2006 (LBO) – After creating two new state banks in successive budgets, Sri Lanka’s government is planning to merge and consolidate them with a network of existing rural banks. Sri Lanka already has two development banks, as well as medium term credit facilities that are channeled through commercial banks.The SME Bank was created […]
Sri Lanka says 18 Tigers killed in fresh skirmishes
Nov 17, 2006 (AFP) – Sri Lankan troops killed at least 18 Tamil Tiger guerrillas in three separate confrontations in a restive eastern province, the defence ministry said Friday. An upsurge in fighting in the past year in the island’s separatist conflict has claimed more than 3,300 lives. The clashes were in the district of […]
‘s record deficit
Nov 17, 2006 (AFP) – Sri Lanka is set to borrow heavily abroad and at home in a bid to finance a record 2.18 billion dollar budget deficit next year, official figures showed Friday. The overall budget deficit for 2007 was estimated at 7.2 percent of Gross Domestic Product while the government revised the 2006 […]
Sri Lanka plans 9.1 percent budget deficit in 2007
November 16, 2006 (LBO) – Sri Lanka is expecting a 9.1 percent budget deficit in 2007, with the revised budget deficit for 2006 being estimated at 8.7 percent of GDP. Sri Lanka’s Central Bank is estimating the debt to GDP ratio to fall to 91.5 percent from 93.9 percent by year end. For the second […]
Budget reduces passport fees for locals, raises fees for foreign visitors
Nov 16, 2006 (LBO) – Sri Lanka is imposing a 10 dollar fee on tourists visiting the island, while locals opting to travel abroad will pay less when they apply for a passport.These new proposals under the citizenship act will take effect from December 1, 2006. Please click to read the Budget 2007 speech: Sri […]
Sri Lanka slaps higher duties on imported shoes
Nov 16, 2006 (LBO) – Sri Lanka’s leather and shoe industry is to be exempt from import taxes on raw materials and machinery, while imported shoes are to be slapped with higher duties.All materials imported for the processing and manufacture of leather and leather related products is to be exempt from import duty and Value […]
New tax benefits and reduction for bank deposits and retiring employees
Nov 16, 2006 (LBO) – Sri Lanka to halve the surcharge on individual deposits and hopes to increase the tax free threshold for retiring employees as well as remove tax on capital gains and benefits.President and Finance Minister Mahinda Rajapakse told Parliament the taxable interest level will be raised from 108,000 to 300,000 rupees and […]
‘s complicated VAT system becomes more complex
November 16, 2006 (LBO) — The multiple bank value added tax system of Sri Lanka which also has a non recoverable ‘VAT’ tax on financial firms became more complicated with a five percent charge on smaller business and a range of new adjustments.Jewellery manufactures who export would have to pay a one percent ESC on […]
‘s Tiger rebels
Nov 16, 2006 (AFP) – A British envoy was holding talks with Sri Lanka’s Tiger rebels Thursday to help salvage a faltering peace initiative, while in the capital the president wooed moderate Tamils, officials said.British MP Paul Murphy toured the violence-hit port city of Trincomalee Wednesday and began talks with Tamil Tiger guerrillas at the […]
Rights panel backs UN child soldiers charge against Sri Lanka
Nov 16, 2006 (AFP) – A New York-based rights group asked Sri Lanka’s government Thursday to arrest security force members allegedly involved in forcibly recruiting child soldiers on behalf of a Tamil rebel faction. Human Rights Watch said its investigations supported the findings of a top UN official who charged Monday that Sri Lankan security […]
Sri Lanka asks Tigers to resume talks as war budget bites
Nov 16, 2006 (AFP) – Sri Lanka’s president appealed to Tiger rebels Thursday to enter talks and end spiralling violence on the island as a British envoy moved to jumpstart stalled peace efforts. The deficit of 235 billion rupees (2.18 billion dollars) is to be financed mainly through domestic and foreign borrowings. Please click to […]