The Planters’ Association of Ceylon (PA) announced that it would be championing radically progressive wage reforms towards securing a sustainable outcome for both plantation workers, and the industry as a whole. Emphasizing the need to urgently transition away from the existing, colonial-era daily wage system – which had become mired in political controversies and totally…
The leading blue-chip conglomerate, Aitken Spence PLC non-tourism sectors reported a Profit-Before-Tax (PBT) of Rs 1.13 Bn in 2Q, a growth of 33% compared to the previous year in the midst of challenging economic conditions. These sectors also reported an EBITDA (Earnings Before Interest Expense, Tax, Depreciation and Amortisation) of Rs 1.59 Bn prior to…
Prime Minister Mahinda Rajapaksa in his capacity as the Minister of Finance, presented the budget speech for the year 2021 in parliament today (17). The complete speech made by the Premier as follows: Honourable Speaker, It is with great pleasure that I present the budget speech 2021, which focuses on strengthening the 2021-2023 medium term programme of poverty alleviation…
Measures will be taken to reduce the import taxes levied on vehicle spare parts required for new production sectors to incentivize entrepreneurs in automobile industries engaged in vehicle repairing and vehicle assembly, Prime Minister Mahinda Rajapaksa said in parliament today. During the budget speech today (17), the premier noted that, the value of vehicles imported utilizing foreign exchange…
The efficiency of tax collection will be improved through the introduction of an online – managed single Special Goods and Service Tax (GST) in place of the various goods and service taxes and levies, imposed under multiple laws and institutions on alcohol, cigarettes, Telecommunication, betting and gaming and vehicles, which accounts for 50% of the income…
Punitive legal provisions will be introduced to ensure that the private tax consultants and auditors representing the tax payers and prepares and certifies fraudulent tax reports, aids and abates in such action will be faced with such consequence including being barred from practicing, Prime Minister Mahinda Rajapaksa said in Parliament today (17). He commenced delivering the budget…
Recording another quarter of sound financial performance in a pandemic-affected economic backdrop, diversified conglomerate Sunshine Holdings (CSE: SUN) posted consolidated revenue of Rs. 11 billion for the six months ending 30 September (1HFY21), an increase of 9.3% YoY compared to the corresponding period of last year. Profit after tax (PAT) for the period in review…
The Cabinet of Ministers has approved the proposal to retire 560 SriLankan Airlines employees under the Voluntary Retirement Scheme at a cost of Rs.1.46 billion, the state information office said. It has been decided to implement the Voluntary Retirement Scheme due to the financial crisis that has been faced by the SriLankan Airlines Ltd and a Three-Member…
For a consumer-driven conglomerate impacted by the systemic COVID-19 (C19) transmission, the Softlogic Holdings Group’s topline recorded a commendable growth of 9% to Rs. 21.8 billion for 2QFY21 which defied expectations with performance exceeding the two preceding negative quarters, Chairman of Softlogic Holdings PLC, Ashok Pathirage said in the SHL’s interim financial account released to…
Ocean Lanka Pvt Ltd, Sri Lanka’s largest weft knitted fabric manufacturer, announced that it has entered into a partnership with Cotton made in Africa (CmiA), one of the world’s leading standards for sustainably produced cotton. The recent partnership will see Ocean Lanka further increasing its sustainable cotton portion, which is ecologically and socially progressive. Cotton…
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