Tag: news
Sri Lanka gaming tax to be on par with the rest of the world: minister
June 14, 2013 (LBO) – Sri Lanka’s gaming taxes could be made to be on par with the rest of the world, investment promotions minister Lakshman Abeywardena said amid queries why gaming levies are being brought down.He said casinos were now located haphazardly in Colombo and some were near schools and in a recent budget […]
Sri Lanka rupee weakness a logical adjustment: CB Governor
June 14, 2013 (LBO) – A weakness in Sri Lanka’s rupee is a “logical adjustment” coming amid falling Asian currencies including the Indian rupee and Japanese Yen that will also ward off import pressure, Central Bank Governor Nivard Cabraal said.“There are different ways of looking at this,” Cabraal said. “The Indian rupee has weakened significantly. […]
Sri Lanka economic forum to bridge gap between business and universities
June 14, 2013 (LBO) – An annual economic policy forum will bring universities and business together in a bid to bridge a perceived gap between their needs and the output of local universities its organizer, Ceylon Chamber of Commerce said. A speech by Gehan Amaratunga, head, electronics, power and energy conversion group, Cambridge Engineering Faculty […]
Sri Lanka to ban foreign investments in to steel, cement, retail trade
June 13, 2013 (LBO) – Sri Lanka plans to ban foreign investments into steel, cement, retail trade, small scale agriculture and beauty care products, to ‘protect’ domestic investors, according to decision by the cabinet of ministers.Cabinet spokesman Keheliya Rambukwelle said relevant regulations would be made known later. He said existing investors in the sectors will […]
Sri Lanka state workers take home 56-pct of tax revenues in 2012
June 11, 2013 (LBO) – Sri Lanka’s state workers and pensioners have taken 56 cents out of every tax rupee collected from the people in 2012, not counting tax slashed car permits, official data shows. An analysis by the finance ministry shows that in 1.79 public sector workers took home 348 billion rupees in salaries […]
Sri Lanka businesses warned on planned media curbs
June 07, 2013 (LBO) – Sri Lanka’s businesses had been warned on the future effects on liberty in the island following attempts to impose fresh controls on the media through a ‘code of ethics’. Government officials have said it does not amount to a new law but critics say the island has a history of […]
Sri Lanka lending rates to ease with lower state borrowing: Central Bank
June 7, 2013 (LBO) – Sri Lanka’s bank lending rates are expected to ease in the second half of 2013 with reduced bank borrowings by the state, the Central Bank said holding policy rates in June, after a cut last month. In May the monetary authority cut its policy rate corridor by 50 basis points. […]
Favored Nations
June 05, 2013 (LBO) – Sri Lanka has been included in a list of exempt countries released by the United States on sanctions imposed on crude oil purchases from Iran, a media report said. The US administration ruled that the economies concerned had taken steps to reduce imports of Iranian oil, so their financial institutions […]
Sri Lanka economic forum to focus on export growth
June 05, 2013 (LBO) – An annual economic policy forum with the participation of businesses, academics and state officials this year will focus on strategies needed to boost the island’s flagging exports, its organizer, Ceylon Chamber of Commerce said.Sri Lanka’s exports fell 18.2 percent to 726.7 million US dollars in January 2013 from a year […]
Sri Lanka needs quick, cost-based energy tariffs: Treasury
June 3, 2013 (LBO) – Sri Lanka needs quick cost-based energy pricing to avoid balance of payments pressure and stop bank credit being used for consumption, a finance ministry report has said.The overall national savings rate is further undermined by the deficit in the current account of the budget, where the state spends in current […]
Sri Lanka state bank dividends, levies boost revenues
June 03, 2013 (LBO) – Sri Lanka’s state banks and insurance funds have contributed 23 billion rupees or about 0.3 percent of gross domestic product to state revenues in 2012, official data showed. State enterprises such as Lak Sathosa also operate without paying value added tax. Corrected, revenues of 2013
Sri Lanka and Thailand ink deals on tourism, technology, business
May 31, 2013 (LBO) – Sri Lanka and Thailand inked agreements on tourism, technology, business during a visit by Thai Prime Minister Yinluck Shinawatra to the island, who had bilateral talks with President Mahinda Rajapaksa.Thai deputy Prime Minister Surapong Tovichakchaikul and Sri Lanka’s foreign minister G L Pieris, technology minister Patali Ranawaka inked the deals […]