Tag: news
Lubricant Liberties
Nov 26, 2013 (LBO) – Sri Lanka will shortly license more players to sell lubricants in in the island officials said, expanding the freedoms of citizens.At the moment Chevron, Lanka OIC and state-run Ceylon Petroleum Corporation are among the front runners. Those will blending facilities also have an advantage over imported final product sellers. Though […]
Sri Lanka budget good for rating: Fitch
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 […]
Petro Gains
Nov 24, 2013 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has reached break-even level and made a marginal loss after adjusting for losses on derivatives, finance ministry report said.The CPC had made a 3.8 billion rupee profit in the nine months to September 2013 but made an accounting loss of 3.7 billion rupees after […]
Sri Lanka opposition slams cronyism in budget, commends restraints
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 […]
Sri Lanka targets lower deficit in 2014 budget, ups protectionism
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 […]
Sri Lanka state carriers to get US$200mn bailout
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 […]
Sri Lanka offers tax breaks for R&D, royalties
Nov 21, 2013 (LBO) – To encourage research and development a tax deduction will be raised to 300 percent, and royalties will be made tax free, President Mahinda Rajapaksa said delivering the 2014 budget speech.Royalties on new patents will be made tax free for 7 years. President Rajapaksa who is also finance minister said the […]
Sri Lanka to impose 2-pct tax on banks, ups export and import taxes – Updated
Nov 21, 2013 (LBO) – A two percent nation building tax will be imposed on banks, export taxes will be charged on cinnamon and pepper and import taxes will be raised on fishing boats and fish, President Mahinda Rajapaksa said.Cess taxes will also be raised on butter, yoghurt and milk products. Wooden furniture imports will […]
Sri Lanka to tax land leased to foreigners at 15-pct
Nov 21, 2013 (LBO) – Sri Lanka will stop the freehold sale of state or private citizen’s land to foreigners and will charge a 15 percent tax on leases, President Mahinda Rajapaksa said.In that context the sale of land through leases could even be termed a relaxation of the earlier policy, analysts say. The tax […]
Sri Lanka raises telecom levy, ups taxes on foods, removes VAT exemptions
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 […]
Sri Lanka presents budget amid slow economy
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 […]
Sri Lanka expects 8.0-pct growth, 5.2-pct budget deficit in 2014
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 […]