The Sri Lankan government has amended the tax regulations to enable the ‘Mansion Tax’ introduced by the interim budget to be paid in four installments. According to the amendments, the government has stated that an annual ‘Mansion Tax’ would be imposed on houses valued at more than Rs. 150 million or of floor area of…
With the new government through its interim budget proposing to impose a monthly tax of Rs. 200 million on each local distillery, they would be forced to close down, says the Medium Scale Distillery Employees’ Union. According to them, paying this tax would not be an issue for four large companies active in Sri Lanka’s…
Construction work on Colombo Port City Project stopped, despite loss of over USD 380,000 per day China Construction Communication Company Pvt. Ltd (CCCC) categorically states that all construction work on the Colombo Port City has stopped following the Sri Lankan Government’s official communication on 6th of March 2015 issued by the Secretary to the Ministry of…
Due to the inability to complete the proposed coal power plant in Sampur on time, Sri Lanka is likely to face a power crisis in 2020, similar to the situation in 2000 where the demand for electricity could not be met, said international consultant and energy expert Dr. Tilak Siyambalapitiya during a special discussion with…
The Policy Planning and Economic Affairs Ministry has issued a statement on the allegations that the recent 30 year Treasury Bonds issue by the Central Bank had been carried out while enabling a certain Primary Dealer to gain a capital profit. It says: Statement to the Media on Treasury Bond Issue in March 2015 At…
Hemas Holdings PLC is to issue over 57.25 million ordinary shares by way of a 1 to 9 rights issue. Meanwhile, major shareholders in Hemas Holdings PLC have stated that reputed domestic and international institutional investors have sent strong expressions of interest to become shareholders of the company to increase their existing shareholdings. Hence, the…
The Right to Information Act should not include the right to obtain information on business activities of the private sector and if this Acts enables one the right to do so, then it could create a dangerous situation, points out Learn Asia Foundation’s Chairman Professor Rohan Samarajeewa. Hence, the private sector business community should be…
Big data and analytics among top IT trends in Asia-Pacific and Japan in 2015 With new technologies emerging and dominating the way organizations and the workforce function, businesses can no longer afford to remain behind the curve. As we receive feedback from customers in Sri Lanka and the Asia-Pacific and Japan (APJ) region, we continue…
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:
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