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…
Association a great testament to the brand LPL, says SLC IPG says fantasy sports becoming backbone of live sports sponsorship Mumbai / Colombo: In a major boost to the inaugural edition of the Lanka Premier League (LPL), My11Circle, one of the leading fantasy sports platforms in India, has come on board as title sponsor of…
Central Bank of Sri Lanka (CBSL) yesterday (16) announced that the most recent SLDB auction held from 10 to 13 November 2020 with settlement on 18.11.2020 enabled to raise $ 24.82 million. At the said auction, maturities offered varied from one-year and two months to four years and two months and were offered at a fixed rate of…
The International Trade Centre (ITC) in collaboration with the Department of Commerce (DoC) of Sri Lanka organized a webinar on ‘GSP+ for Enhanced Market Access’ recently. The webinar was primarily aimed at creating a platform for Sri Lankan exporters to better understand ways to increase the utilization of GSP+ concessions in their businesses; particularly in…
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