Tag: Sri Lanka
Sri Lanka cuts corporate income tax
Nov 22, 2010 (LBO) – Sri Lanka will cut corporate income taxes from 35 to 28 percent except for tobacco and alcohol, while income taxes for casinos, a newly legalized industry will be set at 40 percent, a budget for 2011 said. At present companies and non-governmental organizations are taxed at rates around 30 percent, […]
Sri Lanka need to build human capital for post-war growth
Nov 21, 2010 (LBO) – The greatest need for post-war Sri Lanka’s plans for accelerated economic growth is an adequate and appropriate human capital base, a top economist and educator has said. Sri Lanka is chasing 8.0 percent growth after ending a 30-year war with Tamil separatists terrorists. “Sri Lanka which is after the war […]
Sri Lanka orders Red Cross to quit former war zone
November 21, 2010 (AFP) – Sri Lanka’s government has ordered the International Committee of the Red Cross (ICRC) to close its offices in the island’s former war zone, the Geneva-based humanitarian agency said Sunday. The conflict ended when the rebels were wiped out in a military offensive that has since triggered allegations of war crimes. […]
Maldives turns to Sri Lanka for dollars as IMF suspends deal
Nov 20, 2010 (LBO) – Maldives has had discussions with Sri Lanka on the possibility of gaining access to a hard currency as money printing created dollar shortages and the International Monetary Fund suspended a deal with the archipelago. The International Monetary Fund suspended a deal with the archipelago as the state was unable to […]
Sri Lanka entrepreneur warns against state push into business
Nov 19, 2010 (LBO) – A recent state push into business is taking away opportunities available for the private sector to expand their wings at the end of a 30-year war, a Sri Lankan entrepreneur has warned. “Government is trying to compete (against private citizens), it could be hotels, insurance and any other area,” W […]
Sri Lanka president sworn in for a second term
Nov 19, 2010 (LBO) – Sri Lanka’s president Mahinda Rajapaksa was sworn in for a second six year term in office Friday, a day after his birthday which was celebrated with a 15,000 kilogram ‘milk rice’ by the island’s top chefs. President took his oaths before the country’s Chief Justice in a nationally televised ceremony. […]
Sri Lanka to end tax breaks for small projects
Nov 19, 2010 (LBO) – Sri Lanka will stop giving tax holidays for investment projects smaller than 5. 0 million US dollars to close a loophole that has drained state revenues through the import of duty free equipment, a government minister said. This year the government has to tax the people to give a salary […]
Sri Lanka should channel capital flows to direct investment: rating official
Nov 18, 2010 (LBO) – Sri Lanka can expect higher post-war growth, with lower inflation, higher employment provided deficit spending can be checked and capital inflows channeled to direct investment, a senior rating official said. “The two key reasons underpinning growth is the return of peace and all that it implies for investor confidence,” Roopa […]
‘s jailed ex-army chief in hospital: party
November 17, 2010 (AFP) – Sri Lanka’s former military chief Sarath Fonseka, who is serving a 30-month jail sentence, was admitted to hospital after suffering breathing problems, his party said Wednesday. The ex-army chief has said the government is seeking revenge for his decision to stand against the president. The former general was unwell due […]
‘s powerful president settles in for the long-haul
November 18, 2010 (AFP) – Sri Lankan President Mahinda Rajapakse kicks off a second term Friday, promising economic rebirth for the war-ravaged island with the help of nations who have snubbed Western calls for a war crimes probe. Rajapakse, who turned 65 Thursday, begins his fresh, six-year mandate from an unprecedented position of strength following […]
Sri Lanka war-stricken farmers get US help
Nov 18, 2010 (LBO) – More than 17,000 farmers in Sri Lanka’s war torn north will get seed paddy, agricultural equipment and help to re-build infrastructure through a 5.0 million US dollar grant from the United States. The US embassy in Colombo said the program will be conducted through the Food and Agricultural Organization of […]
Sri Lanka to smoothen path for investors: ministers
Nov 17, 2010 (LBO) – A Sri Lankan state committee has finalized a report that has identified issues blocking investment and has proposed remedies to fast track projects, especially by speeding relevant government approvals, ministers said. Analysts say many laws passed in the legislature contain clauses such as the need for ‘ministers’ concurrence’ which promotes […]