Tag: lbo
Last Warning
Feb. 21 (LBO) – About 50 public sector trade unions called off a planned strike, giving the government a ten day ultimatum to sort out salary anomalies. Unions want the government to give low and middle level public sector workers higher wage increases, instead of the 25 percent or less approved by a government circular […]
‘s Hoping
Reports that the treasury has set off tax liabilities of the Ceylon Petroleum Corporation against the full subsidy due from the government, has raised expectations that Lanka IOC would also get the full subsidy owed to it. The treasury has agreed to set off Rs. 25 billion in taxes due to the government, a top […]
Treasure Hunt
Feb. 20 (LBO) – India’s Reliance group is scouting for investment opportunities in Sri Lanka, with an eye on oil exploration in potential areas off Mannar on the Western coast, officials said Monday. Two rounds of seismic surveys have shown that Sri Lanka has potential oil reserves in the Cauvery Basin off the west coast, […]
Here’s Hoping
Reports that the treasury has set off tax liabilities of the Ceylon Petroleum Corporation against the full subsidy due from the government, has raised expectations that Lanka IOC would also get the full subsidy owed to it. The treasury has agreed to set off Rs. 25 billion in taxes due to the government, a top […]
Betting Big
Feb. 15 (LBO) – Smaller lubricant players are asking the Sri Lankan government to scrap a five-year license fee and instead opt for a 0.5 percent tax on each firm’s turnover, an industry official said Wednesday. Last month, Sri Lanka doubled licence fees for lubricant operators fixing it at Rs. 10 million (US$ 100,000) for […]
Sri Lankan taxpayers too afraid of tax collectors to complain about mistreatment
Jan 15 (LBO) – Sri Lankan tax payers are too afraid of retaliation by tax collectors to complain about mistreatment. Sri Lanka appointed a tax ombudsman in September 2005 to mediate between the Department of Inland Revenue and the island’s small number of tax payers, as a way of easing strained relations. However the tax […]
Seventeen badly run state-institutions cost taxpayers Rs. 70 bn annually
Feb. 14 (LBO) – Despite just over two decades of public sector reforms, 17 government entities continue to hemorrhage, draining Rs. 70 billion each year from state coffers, Treasury Secretary said Tuesday. Mega Plans Sri Lanka is pushing ahead with mega projects in three key districts next month with full state patronage, Treasury Secretary […]
Green Fingers
Feb. 13 (LBO) – Sri Lanka’s Richard Pieris Group, owners of the ‘Arpico’ brand, are ploughing Rs. 150 million to generate energy off trees, a top official said. The Group’s core strengths lie in rubber and rubber products, tyres, plastics, retailing and plantations, which includes tea. Richard Pieris recently extended their reach into the real […]
Oil prices fuel Sri Lanka’s trade gap
Feb. 10 (LBO) – Sri Lanka’s trade deficit widened by 12 percent to US$ 2.5 billion for the year ended 2005, though foreign remittances helped strengthen the island’s balance of payments, the Central Bank said Friday. The country’s trade balance reported a US$ 502 million surplus as at end 2005, helped by a 26 percent […]
‘s trade gap
Feb. 10 (LBO) – Sri Lanka’s trade deficit widened by 12 percent to US$ 2.5 billion for the year ended 2005, though foreign remittances helped strengthen the island’s balance of payments, the Central Bank said Friday. The country’s trade balance reported a US$ 502 million surplus as at end 2005, helped by a 26 percent […]
Number Tangle
Feb 10 (LBO) – Lanka IOC, a unit of Indian Oil Corporation, may have to re-state their published accounts if the Sri Lankan government does not pay the full amount of the money claimed as subsidies, a top official said. The company is claiming sales of Rs.17.5 billion for the six months ended September 2005, […]
Sri Lanka names negotiators amid Norway, Swiss moves
Feb 9 (AFP) – Peacebroker Norway and talks host Switzerland stepped up diplomatic moves Thursday to arrange face-to-face talks between Sri Lanka’s warring parties as Colombo named more peace negotiators. Norway’s top envoy here, Hans Brattskar, and Swiss ambassador Bernadino Regazzoni flew to the rebel-held town of Kilinochchi to arrange for Tiger negotiators to travel […]