Tag: news

Stockbrokers are sitting on a potential gold mine as a result of a new tax on equity trading proposed in the budget.rnrnrnrnrnrnNew Page 2rnrnrnrnrn A 15rnpercent tax on trading profits on share transactions, is just one of the newrntaxes slapped by the UNFs third budget, to strengthen governments finances.rn Equityrnmarket investors are the ones who […]

A blocked nose and bad cold ridden throat could not keep away Finance Minister K N Choksy, adorned in a blue checkered tie, from walking down the pink carpeted parliament aisles with the budget tucked away in a wood finished briefcase in one hand to come present the 2004 fiscal plan on a rained out […]

Finance Minister K N Choksy made the strongest statement yet that the government is committed to a strong rupee policy.ldblquote Sri Lankans have accepted with complacency and resignation the concept of a weak rupee prevailing indefinitely dblquote , Minister Choksy said, during the round up of recent economic developments presented shortly before the budget proposals.rn […]

A new tax called Economic Service Charge (ESC) of one percent over turnover or assets will come into effect next year, in an attempt to net in firms not paying government taxes.ESC will be slapped as an advance collection on the final tax payable on companies, including BOI firms, with a turnover in excess of […]

Two new export-processing zones will spring up next year, as part of the governments plans to spur economic activity.As Lanka Business Online reported on Tuesday, a second export zone will come up in Keragala, Biyagama in addition to another location in Pannala.rn rnFinance Minister K N Choksy says, the Board of Investment (BOI) is faced […]

The government unveiled grand policies to develop the Southern province with plans to develop an airport, a port and set up an oil refinery.Finance Minister K N Choksy told legislators on Wednesday that the Southern expressway will be extended to Hambantota and Wellawaya.rn rnldblquote Our infrastructure development plan also envisages the development of a port […]

The value added tax is to unified to a single 15 per cent rate from January 2004, from the current 10 and 20 per cent, while the government has abandoned plans to bring wholesale and retail trade into the VAT system.Finance Minister K. N. Choksy says 70 per cent of the VAT revenue now comes […]

All public servants will get a 10 percent pay hike each month in the new budget or a minimum Rs.1250 increase, whichever is higher, at a cost of Rs.12.5 bn to the state.This will be the highest increase for public sector workers in the last ten years and will also apply to the Police, the […]

The Board of Investment will tap into the local bond market, to raise up to Rs.2 bn to fund a new Economic Trade Zone, north of Biyagama. The second Economic Trade Zone called Biyagama II is to be rolled out in Wednesdays budget, and housed on a 300-acre stretch of land. rn rnldblquote We will […]

An impending marriage between the Marxist JVP and the main opposition Peoples Alliance Party re-surfaced on Tuesday resurrecting vibes that a snap poll was imminent. The news comes on the sidelines of a crucial meeting between President Chandrika Kumaratunga and Prime Minister Ranil Wickremesinghe scheduled for Tuesday to end a political deadlock.rn rnThe news also […]

Sri Lankas parliament Wednesday ruled as illegal the presidents suspension of the assembly two weeks ago and said it will disregard any future attempt to disrupt the legislature. rnSpeaker Joseph Michael Perera said that President Chandrika Kumaratunga had no authority to suspend the parliament without the concurrence of the parliament, which is controlled by a […]

The much-awaited second rendezvous between the Executive and the Legislature ended on a stalemate with a committee appointed to look into their grievances.The committee is expected to spell out future working arrangements lquote under which the President and the Prime Minister can work together on national issues, a joint statement said Tuesday.rn rnTuesdays meeting between […]