VAT is an end user consumption tax, and therefore should not be applied to goods and services that are consumed outside of Sri Lanka. By introducing such a TVR scheme, Sri Lanka will be aligning itself with international best practices Mangala Samaraweera, Minister of Finance and Media said yesterday (11th). At the Opening of the…
Reuters – Sri Lankan shares closed flat on Tuesday, near a more than one-week closing low, with beverage and manufacturing shares witnessing mild selling, a day after fuel prices were hiked for the third time in four months. Sri Lankan fuel retailers raised gasoline and diesel prices for a third time in four months on…
Reuters – The Sri Lankan rupee ended steady on Tuesday as importer dollar demand offset greenback sales by banks, but the unit was still under downward pressure due to global strengthening of the U.S. currency, traders said. Emerging market currencies remained under pressure with a broad index down near 16-month lows. The Sri Lankan rupee…
This is according to a report by Africa Confidential titled Bills, Bonds and even Bigger Debts claiming that Zambia risks losing its sovereignty to China which is bound to seize its national assets once the government defaults on loans. “A major worry of the IMF and US is that China’s BRI strategy is first to encourage indebtedness,…
Central Bank of Sri Lanka (CBSL) has sent a letter to Nomura Holdings Inc. regarding an erroneous report on Sri Lanka external debt and listing Sri Lanka as one of the 7 countries with high risk of facing an exchange-rate crisis. Recently, Nomura Holdings, releasing their latest analysis based on “Damocles” model –an early warning…
Iconic diversified business conglomerate, Hayleys PLC, continued to set new benchmarks, standing amongst LMD’s Top 3 Most Respected corporates in Sri Lanka for 2018. “Having entered its 140th year of business, Hayleys continues to serve a vital role in the Sri Lankan economy, accounting for 3.29% of national exports, and display an unprecedented capacity for…
HNB Plc was recognized as one of Sri Lanka’s top ten ‘Most Admired Companies at a glittering ceremony held recently. Jointly organized by the International Chamber of Commerce, Sri Lanka (ICCSL) and the Chartered Institute of Management Accountants (CIMA) Sri Lanka, the landmark event drew participation from Sri Lanka’s most successful listed and non-listed corporates,…
The Commercial Bank of Ceylon has been named one of the 10 ‘Most Admired Companies in Sri Lanka,’ at an awards ceremony conducted by the International Chamber of Commerce (ICC) in partnership with the Chartered Institute of Management Accountants (CIMA) Sri Lanka. The list was announced at an awards presentation presided over by the Prime…
Social Capital, the venture firm founded seven years ago by former Facebook Inc. executive Chamath Palihapitiya is “imploding,” according to a scathing report in Axios by the venture capital reporter Dan Primack. The article paints a picture of deep dysfunction at the Palo Alto-based firm, which has raised more than $1 billion and has invested in unicorn startups…
Pakistan’s News Daily News International in a recent report said that Sri Lanka’s MW Ventures International and Hirdaramani Group are seeking opportunity to enter into the Pakistan market to expand their business operations, quoting a official at the ministry of commerce. Hirdaramani is a pioneer in the Sri Lankan apparel industry, and boasts a cohesive…
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