The Central Bank kept the policy rates unchanged for the month of December amid the recent pick up in the private credit and debt repayments by stateowned corporations, cutting the burden on state banksandthegovernment.
International Monetary Fund (IMF) expressed concerns over the recent budget proposal to reduce personal income tax rates, and described it as an act of giving away the money government badly needed.
Sri Lanka’s ship supplier industry must look to float a common bond in order to increase its lobbying power and push for concessions not granted with Budget 2014, according to Sri Lanka Ports Authority (SLPA) Harbour Master, Captain Ravi Jayawickrama.
Sri Lanka’s corporate sector must take more steps to strengthen its governance provisions and avoid lobbying for undue business advantages, CBSL Governor Ajith Nivard Cabraal said.
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.
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