by Lorys Charalambous, Tax-News.com, Cyprus The International Monetary Fund (IMF) has welcomed Sri Lanka’s new Inland Revenue Act, due to be introduced early next year, saying that it should boost tax revenues and improve tax administration. The IMF said the current Act hinders investors’ ability to understand the income tax system and local tax official’s…
Reuters – The Sri Lankan rupee was steady in lacklustre trading on Friday ahead of a long weekend, amid little importer demand for the dollar, dealers said. The rupee forwards were active, with one-week forwards trading at 150.70/80 per dollar, largely flat from Thursday’s close of 150.70/90. “We do not see any big (dollar) demand…
Eng. Sagara Gunawardana, Chairman of Venora Group of Companies (PVT) LTD, has been bestowed with the Socrates International Award for personal contribution to the intellectual development of today’s society in the category for ‘Business and Economy’ by the European Business Assembly (EBA). He accepted the award in Oxford, the United Kingdom. The Europe Business Assembly…
The exchange rate is a widely discussed topic at present. There is much debate on whether the exchange rate should appreciate or depreciate due to its impact on economic activity. Although there are pros and cons of depreciation of the exchange rate, the popular sentiment is against the depreciation of the exchange rate. Opponents of…
MTI’s ‘idea2fund’ successfully assessed the second round’s concept presentations on the 17th of December at the Hilton Colombo. ‘idea2fund’ is a venture challenge platform powered by MTI Corporate Finance for prospective entrepreneurs to pitch their venture ideas, get connected with potential investors and receive start-up consulting advisory and execution through MTI Consulting. The session included…
Oil futures fell on Wednesday after Libya said it expects to boost production over the next few months and a report showing a surprise build in U.S. crude inventories last week. Brent futures for February delivery fell 89 cents, or 1.6 percent, to settle at $54.46 a barrel, while U.S. West Texas Intermediate crude for…
SriLankan Airlines is being consistently ranked among the most punctual international airlines, according to an analysis of data over the last five months by the global flight data monitoring organisation Flightstats (www.flightstats.com). Flightstat’s monthly ‘Global Airlines Arrival Performance 2016’ lists the 40 most punctual airlines in the world. Flightstats is a provider of real-time global…
Since there will be many direct foreign investments next year the rupee will be strengthened, said Finance Minister Ravi Karunanayaka. The rupee depreciated in 2015 due to increase in imports and investments moving out of the country. Next year the Hambantota port project will commence as a joint venture with a Chinese government investor and…
DFCC Bank is proud to be the lead financier of Sri Lanka’s first utility-scale grid connected solar power project implemented by the private sector. Promoted by Sagasolar Power (Pvt) Ltd, and located at Buruthankanda, Hambantota, this 10MW power project utilizes photovoltaic technology to convert sunlight to electricity. It is expected to add 19GWh of clean…
Fitch Ratings has assigned Sri Lanka-based National Insurance Trust Fund Board (NITF) a National Insurer Financial Strength Rating (IFS) and National Long Term Rating of ‘AA-(lka)’. The Outlook is Stable. NITF’s ratings reflect strong ties with the government of Sri Lanka (B+/Negative), a strong business profile as the only reinsurer in the country, high capitalisation…
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