Sri Lanka’s private sector may have to look at models for superannuation and pension schemes in order to cope with the changing macroeconomic fundamentals, as Sri Lanka moves towards the middle-income country status, according to Central Bank of Sri Lanka (CBSL) Governor Ajith Nivard Cabraal.
Sri Lanka’s outstanding foreign commercial loan has jumped 36.2 percent within 18 months through end-June this year, an official document showed yesterday, as the island nation has been increasingly borrowing for post-war infrastructure revival.
Budget 2014 is widely deemed to be progressive and consistent with previous targets of reaching middle-income status by 2016, however Sri Lankans must now gear to face new challenges such as current, fiscal and democratic deficits faced by the country, according to Gajma Tax Consultant Senior Partner, N. R. Gajendran.
The Sri Lanka Banks’ Association (SLBA) yesterday said the issuance of traveller’s cheques has been stopped with immediate effect.
The 2 percent Nation Building Tax (NBT) extended to banks and financial institutions in the 2014 budget have created some confusion as no explanation has been given so far as to whether the said tax would be applied to the gross turnover or the profits.
In a bid to attract more companies to the Colombo Stock Exchange (CSE), the Budget 2014 extended the 3-year 50 percent tax holiday from 2014 onwards for new listings.
Tourist arrivals to the country during the month of October rose 27.9 percent from a year ago to 102, 805. The cumulative arrivals during January-October rose 16.8 percent Year-on-Year to 904, 015.
The Census and Statistics Department data showed the Sri Lankan economy grew 7.8 percent in third quarter (3Q) this year, accelerating from 6 percent and 6.8 percent recorded in 1Q and 2Q respectively.
The imports to the country during the month of September rose 23 percent Year-on-Year (YoY) to US $ 1.61 billion and exports grew by 11 percent to US $ 890 million, expanding the country’s trade gap by 41.1 percent or US $ 698 million, external sector data showed.
Property Alliance Capital, Australia and local ISL Holdings (Pvt) recently signed a Memorandum of Understanding with the Urban Development Authority (UDA) and the Board of Investment (BOI) over its US$ 450 million Prosperity Place mixed development alongside the Beira Lake.
Three investment agreements worth US $ 2.1 billion are due to be signed today in Hambantota concurrent to the Commonwealth Heads of Government Meeting (CHOGM) events taking place in the city.
The Central Bank (CB) yesterday kept the policy rates on hold for the month of November, providing a breather to the recent monetary easing to take effect during the next few months.
Investment Promotion Minister Lakshman Yapa Abeywardena yesterday inspected the Invest Sri Lanka Pavilion at Cinnamon Grand Hotel.
Sri Lanka and Bangladesh will begin formulating a preferential trade agreement (PTA) between the two countries subsequent to the completion of the Commonwealth Heads of Government Meeting (CHOGM), with a view to developing into a free-trade agreement (FTA) in future, according to Bangladesh High Commissioner to Sri Lanka Mohammad S. Rahman.
World Travel Market (WTM), the leading Travel and Tourism Trade event in the world is scheduled to kick off on November 4, at the London’s, Excel Exhibition Hall.
Sri Lanka’s cost of living rose 6.7 percent in October from a year earlier, accelerating from 6.2 percent in September, according to the Department of Census and Statistics data.
The single biggest threat the Sri Lankan hospitality industry may face will be the lack of trained staff, The Hotels Association of Sri Lanka (THASL) President Jayantissa Kehelpannala said during the association’s Annual General Meeting held this week.
Sri Lanka has fallen four places down the World Bank's latest list of best places to run a business. In the latest World Bank's Doing Business Index, Sri Lanka has been ranked 84, down from 81st place it enjoyed in the 2013 Doing Business Index
An open society with equal access to opportunities and a respect for individual freedoms is a vital prerequisite for high-level economic growth, according to New Zealand’s former Finance Minister, Ruth Richardson.
Sri Lanka’s lubricant consumption in 2012 has declined by as much as 2,220 kilolitres (or 3.8 percent) to 56,334 kilolitres from a year ago, according to lubricant market shadow regulator, the Public Utilities Commission of Sri Lanka (PUCSL).
Sri Lanka is the only twin-deficit country in Asia having a growth unaffected by currency volatility, according to Fitch Ratings (Fitch).
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