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….
The interim budget of the new government today (29 January) proposed to reduce the import tax on motor vehicle of less than 1,000 cc engine capacity. Meanwhile, the depreciation tax value on the import of hybrid motor vehicles would be removed from midnight today, said Finance Minister Ravi Karunanayake. While expressing his views to www.adaderanabiz.lk,…
Deputy Minister of Planning and Economic Affairs Dr. Harsha de Silva has lodged a complaint with the Commission Investigating into Bribery and Corruption to investigate the corrupt incident of the earlier government taking over the huge 47 story building being constructed opposite Temple Trees from Ceylinco Group and selling it to a company by the…
The Sri Lanka Central Bank’s new Monetary Board which met under Central Bank Governor Arjuna Mahendran and Treasury Secretary R.H.S. Samaratunge decided not to effect any changes in January to the bank’s policy interest rates which decide the interest rates of commercial banks. Since the inflation rate is as low as 04 per cent and…
Sri Lanka is planning a sovereign bond sale in February after a revised budget for 2015 is presented by a new administration, Central Bank Governor Arjuna Mahendran said. “As soon as the budget has been announced on the 29th (of January) we will start talking to markets,” Mahendran said. “I am hopeful that by February…
An Interim Budget will be introduced before end January and all relief and welfare measures including salary hikes promised to the people in the Maithri Presidential Election manifesto 100-day programme will be provided, says Finance Minister Ravi Karunanayake. Minister Karunanayake said this during an exclusive interview with www.adaderanabiz.lk and added that the new government would…
