Sri Lanka has introduced a procedure for re-payment of 15% VAT to the foreign tourists on their departure, for the goods purchased by them during their stay in Sri Lanka which will be implemented with effect from today (11th), Finance Ministry says. According to the press release issued Monday (10), a special counter will be…
Several international media sites have quoted a new analysis by Nomura Holdings Inc., which shows that seven emerging economies are at risk of an exchange rate crisis. According to these media sites, Nomura’s analysis lists Sri Lanka as the country that is most vulnerable to an exchange rate crisis. The article that appeared on www.ft.com quotes Nomura analysts…
Seven emerging economies at risk of an exchange-rate crisis are Sri Lanka, South Africa, Argentina, Pakistan, Egypt, Turkey and Ukraine, according to a new analysis by Nomura Holdings Inc. With five of the seven already in a currency crisis or a program run by the International Monetary Fund, that leaves South Africa and Pakistan as…
Reuters – Sri Lankan shares fell to one-week closing low on Monday as foreign investors sold blue chips such as conglomerate John Keells Holdings Plc. The Colombo stock index ended 0.35 percent weaker at 6,096.54, its lowest close since Sept. 3. It rose 0.6 percent last week in its third straight weekly gain. Turnover was…
Reuters – The Sri Lankan rupee ended weaker on Monday as importer dollar demand surpassed greenback sales by banks and the U.S. currency strengthened globally, dealers said. The dollar traded higher against a basket of currencies amid fears of a potentially major escalation in the China-U.S. trade conflict. The rupee hit a fresh low of…
AMCHAM, in collaboration with STAX, recently launched the 2018 whitepaper ‘FDI Landscape and Investor Sentiment in Sri Lanka’ at a gathering of business and government leaders including the Hon. Malik Samarawickrama, Minister of Development Strategies and International Trade. In addition to providing a definitive view of FDI statistics, the whitepaper interweaves expert insights from regulatory…
SriLankan Catering Ltd. has recorded a steady financial performance for the financial year ended 31st March 2018 with a 26% year-on-year growth in operating profits from Rs. 3.03 billion to Rs. 3.81 billion. Its unaudited financial statements also showed that the operating profit ratio which stood at 42% in the last year improved to 44%…
Highlights endemic absence of clarity on key policy issues Warns of distortionary effects from uncertainty over VAT policy Draws parallels to drop-off in sales in Indonesia; ASEAN countries In the wake of continuing uncertainty with regard to the effective date on the reintroduction of Value Added Tax (VAT) on residential condominiums, leading global real-estate…
AMCHAM, in collaboration with STAX, recently launched the 2018 whitepaper ‘FDI Landscape and Investor Sentiment in Sri Lanka’ at a gathering of business and government leaders including the Hon. Malik Samarawickrama, Minister of Development Strategies and International Trade. In addition to providing a definitive view of FDI statistics, the whitepaper interweaves expert insights from regulatory…
Latest Cabinet decisions noted that it has been planned to modernize public transport service and to introduce an Electronic Payment System using a prepaid card system. Accordingly, the Cabinet of Ministers had approved the proposal presented by Nimal Siripala de Silva, Minister of Civil Aviation and Transport to facilitate the implementation of a Standard Public…
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