Tag: Sri Lanka

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 […]

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 […]

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 […]

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 […]

Nov 20, 2013 (LBO) – Sri Lanka has expressed a commitment to keep the budget deficit down next year, but the country has to guard against external risks and boost its business climate, a top International Monetary Fund official said. Meanwhile Shinohara said a lower deficit would also reduce the need for future foreign borrowings. […]

Nov 20, 2013 (LBO) – Sri Lanka’s state revenues were down 7.6 percent to 481.7 billion rupees in the first half of 2013 with tax revenues down 5.1 percent to 458.7 billion rupees, official data showed.“The only result is that the producers’ money is confiscated for the benefit of a bureaucracy that adds insult to […]

Nov 20, 2013 (LBO) – Sri Lanka’s weak revenue collections in the first half of the year raised questions about the accuracy of gross domestic product estimates, an opposition legislator who is also an economist has said. Sri Lanka is recovering from a balance of payments crisis largely driven by credit taken by state enterprises […]

Nov 18, 2013 (LBO) – Profits and revenues at Singer (Sri Lanka) Plc, a top consumer durables seller dropped 67 percent to 62 million rupees in the September 2013 quarter from a year earlier, amid tight economic conditions.Furniture, transport and agro products also dropped. But communications sector rose to 871 million rupees from 338 million […]

Nov 17, 2013 (LBO) – Small states are seeking endorsement from Commonwealth leaders at a in their bid to regain access to cheap finance from multilateral lenders, at a summit meeting in Sri Lanka. Without the ability to depreciate the currency, rulers lose the principle ability to impoverish the population and their path is clear […]