Beer prices underwent an upward revision in prices in December 2019, as the reduction in Value Added Tax was revoked by a higher increase in alcohol taxes, Sri Lanka’s largest beer manufacturer, Lion Brewery Ceylon Plc said. “In line with the tax changes announced by the Government, VAT on beer was reduced to 8% w.e.f….
Designing a more efficient, equitable and sustainable motor vehicle tax system is necessary, Kia Motors (Lanka) Managing Director Mahen Thambiah said. “I think currently there has been quite a lot of work gone into getting this tax structure worked out. The Government has to look at the structure in terms of bringing it to a level playing…
The International Monitory Fund’s burden-sharing mechanism is a policy approved by the Executive Board of the International Monetary fund (IMF) in 1986 and this methodology has been adopted to reimburse the loss of income due to unpaid charges by members for various reasons. Accordingly, a request has been made to the member countries to contribute…
Sampath Bank’s Board of Directors has recommended a final cash dividend of Rs 11.75 per share to be paid for the financial year ended 31st December 2019 subject to the approval of the shareholders at the Annual General Meeting to be held on 30th March 2020. The dividend payout ratio for the year ended 31st…
Hemas Holdings PLC continued its recovery from a challenging first six months with Q3 FY 19/20 Group revenue and operating profit broadly in line with Q3 FY18/19. On a Quarter on Quarter (Q-o-Q) basis, we grew strongly over Q2 FY19/20. Revenue grew by Rs.2.3Bn, 14.9% over Q2 while operating profit and earnings rose by Rs.1.2Bn…
Sri Lanka’s overall computer literacy reported for 2019 was 30.1%, while the urban sector showed the highest computer literacy rate of 41.5% among residential sectors. Computer literacy rate for Rural and Estate sectors are 28.6 percent and 13.7 percent respectively, according to an annual bulletin on Computer Literacy Statistics – 2019, published by Department of…
The Hayleys Group, Sri Lanka’s most diversified conglomerate demonstrated strong resilience in the 3rd quarter of 2019/20 to achieve a 41% growth in profit-after-tax. The robust performance during the quarter enabled the Group to offset the subdued performance of the previous quarters, with the Group’s profit-after-tax increasing by 18% on a cumulative basis during the…
As a means to recover the country’s tourism industry following the Easter Sunday attacks, Sri Lanka granted free visas to travellers from 48 countries, for a period of six months from 1 August 2019. As the free visa program has been helpful for the post-Easter Sunday setback and key for a more complete recovery, the…
Approval of the Cabinet of Ministers was granted for the proposal of the Minister of Skills Development, Employment and Labour Relations, to set a up a mechanism in order to update Employees’ Provident Fund (EPF) members of their monthly transaction via SMS. The Employees Provident Fund (EPF) is currently the largest Social Security Scheme in…
The strategy experts suggest that, Sri Lanka tea industry should consider adopting the blue ocean strategy for it’s profitably and sustainability. The comments were made at a seminar organized by Tea Exporters Association recently under the theme of “Inventing New Horizons for Ceylon Tea” with the objective of finding new strategies for the development of tea…
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