While referring to various reports on the mixed development project on the Milco land at Kirimandala Mawatha in Narahenpita, Colombo, Softlogic Holdings PLC says that though it had expressed its interest along with several other parties in respect of the tender called for by the Sri Lanka Board of Investment (BOI), to date it has…
Colombo Equities slumped again on Monday, mirroring a similarly sharp selloff seen in the previous session as the impact of proposed ‘super gain tax’ rippled through the market for the second consecutive day. During the two post budget trading sessions, main index slipped by 5.1% (376 index points) while S&P SL20 index declined by 7.5%…
Janashakthi Limited has purchased 6,639,998 ordinary voting shares of Bartleet Finance PLC, which is 86.79 per cent of the voting rights held by Bartleets Transcapital Limited, at a total price of Rs. 874,818,419. Janashakthi Limited already held 993,749 ordinary voting shares of Bartleet Finance PLC (approximately 12.99% voting right) at the time of this acquisition…
Sri Lanka’s vehicle importers are preparing to meet the Finance Minister for a discussion over revising the proposed tax on hybrid vehicles through the interim budget of the new government. Sri Lanka Vehicle Importers’ Association chairman Indika Sampath Merinchige told www.adaderanabiz.lk that though Customs duties had been imposed on the import of hybrid vehicles into…
Colombo bourse recorded its worst drop in four years as investors reacted to the “super gain tax” proposed yesterday. A fresh wave of panic selling wiped out LKR 63bn from the market as several taxes knocked on blue-chip companies which drove the index down 200 points or more than -2%. The propose tax may impact…
James Packer’s Crown Group says it will not go ahead with a proposed plan to develop a $400 million luxury hotel and resort in Sri Lanka, following a decision by the government in Colombo to scrap tax concessions for the project. On Thursday Sri Lanka’s new government decided to cancel generous tax concessions for three…
Since the import duties on motorcars below 1,000 cc engine capacity have been reduced by 15 per cent through the interim budget, the prices of such vehicles would fall by around Rs. 150,000 says the Sri Lanka Motor Vehicle Importers’ Association chairman. Sri Lanka Motor Vehicle Importers’ Association chairman Indika Sampath Merinchige said accordingly the…
Colombo stock market shed gains collected in prior sessions on Thursday amid the presentation of the mini budget to the parliament. The new government’s “Robin-Hood style” fiscal policies in the interim budget, target to improve the life standards of middle & low class society ahead of the general election and it was mostly focused on…
The new government has proposed a 25 per cent Super Gains tax on institutions which have gained a profit of over Rs. 02 billion during 2013 to 2014. While presenting the new government’s interim budget, Finance Minister Ravi Karunanayake said only around 35 or 40 companies have to pay this particular tax and around Rs….
The Cabinet has banned casinos in projects that come under the Strategic Development Act. Prime Minister Ranil Wickremesinghe told Parliament that all projects approved under the Strategic Development Act, except casino businesses could be carried out under tax concessions. Casino businesses cannot be carried out under the proposed projects under the joint projects by Ravi…
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