Once completed, the Colombo Port City project could provide living space for some 200 thousand persons and when considered economically, this is a good idea, said Deputy Minister of Highways and Investment Promotion Eran Wickremaratne during an exclusive interview with www.adaderanabiz.lk He added that the shortcomings in this project would be studied and the new…
The Pathfinder Foundation alleges that some of the taxes imposed on the private sector by the new government’s interim budget are unreasonable. This is the full interview the BIZ 24X7 programme of Ada Derana 24X7 had with Pathfinder Foundation’s Executive Director Lakshman Siriwardena:
China’s $1.4 billion plan to build a city on reclaimed land near Colombo port faces its first tangible setback since new Sri Lankan President Maithripala Sirisena took power last month. Lawmakers failed to approve a 25-year tax holiday proposed by the previous administration for the Colombo Port City before a deadline on Tuesday, said Eran…
The over 100,000 latest bank accounts obtained confidentially and leaked by the Washington-based investigative journalists group The International Consortium of Investigative Journalists (ICIJ) has revealed that there are 129 bank accounts in a Swiss bank linked to 92 account holders in Sri Lanka. Accordingly, while these accounts are with world renowned HSBC Private Bank (Suisse)…
Sri Lanka’s new administration is “serious” about reforming the Central Bank, Deputy Policy Planning and Economic Affairs Minister Harsha de Silva, who is pushing to raise real household incomes, said. Analysts say real household incomes cannot be raised with a central bank that constantly depreciates the currency, and whose operational practices also weigh heavily against…
An election hailed as a leap forward for Sri Lanka’s democracy is proving a step back for investors. President Maithripala Sirisena’s government last week canceled casino licenses, and his first budget reduced public investment and included a one-off windfall tax on company profits. The country’s benchmark stock index fell the most in 17 months in…
The price of a Toyota Aqua motorcar would go up by around Rs. 670,000 and a GP01 Honda Fit by around Rs. 625,000 due to the tax imposed on hybrid vehicles through the new government’s interim budget, says the Sri Lanka Motor vehicle Importers’ Association president. Sri Lanka Motor vehicle Importers’ Association president Indika Sampath…
Diaglog Axiata, Sri Lanka’s largest direct foreign investor has been gravely inconvenienced from several sides through the tax proposals in the new government’s interim budget. While the mobile telephone subscriber providing market in Sri Lanka has been very competitive, the profit margins have been narrow due to the active presence of several competitors in the…
Opposition has arisen by now among the Sri Lankan business community against the imposition of the Super Gains Tax on large companies through the new government’s interim budget. While expressing his opinion on this issue to www.adaderanabiz.lk, economic analyst Hasitha Premaratne said this tax imposed on past profits is an issue. This is a proposal…
Though it was planned to reduce the budget deficit through the interim budget of the new government to 4.4 per cent of the Gross Domestic Product (GDP), the government revenue deficit being increased by Rs. 149 billion is a significant feature. The total revenue expected by the government for 2015 would be reduced to Rs….
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