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Sat, 20 Apr 2024 Today's Paper
03 Feb 2024 - 0 - 180
Sri Lanka’s book industry yesterday came on to one platform and asserted that the imposition of an 18 percent Value Added Tax (VAT) on books is no different from slapping a tax on reading. The industry collectively called for an immediate reversal of the decision to tax the sale of books, as it serves as a direct barrier to gaining knowledge. Associations representing local publishers, printers, booksellers, importers, writers and academics highl
02 Feb 2024 - 0 - 174
Marking another milestone in Sri Lanka’ State Owned Enterprises (SOEs) reform journey, plans are afoot to enact the draft SOE Act by the first half of 2024, granting the much needed legislative authority and operational effect to the SOE reform pr
01 Feb 2024 - 0 - 113
Sri Lanka’s merchandise trade deficit widened in December 2023 when compared with the corresponding month in 2022, due to the combined impact of low export earnings and high import expenditure. The data released by the Central Bank showed that the deficit in the merchandise trade expanded to US $ 487 million in December 2023, from US $ 358 million in December 2022. In November 2023, the deficit in the merchandise trade account narrowed to US $ 39
31 Jan 2024 - 9 - 2139
A top free market capitalist this week cautioned that the current International Monetary Fund (IMF)-backed high tax regime could give further rise to informal economy in Sri Lanka, thereby slowing down the economic recovery and ultimately narrowing the tax base.
30 Jan 2024 - 0 - 115
The cumulative merchandise exports during the January to December 2023 period dipped to US $ 11.85 billion when compared to the corresponding period in 2022. The island nation saw its total exports reach US $ 14.94 billion in 2023, including merchandise exports (US $ 11.85 billion) and estimated service exports (US $ 3.08 billion), the Export Development Board (EDB) said. While the monthly exports were showing some signs of momentum gained in No
29 Jan 2024 - 1 - 922
Despite a lackluster start, the Colombo Stock Exchange is on track to become one of the top-performing frontier markets. According....
27 Jan 2024 - 47 - 2217
Sri Lanka cannot simply dismiss its engagement with the International Monetary Fund (IMF), President Ranil Wickremesinghe emphasised while citing the complexities that could arise, if a decision is made to do so.
26 Jan 2024 - 2 - 79
President Ranil Wickremesinghe this week expressed unwavering confidence in Sri Lanka’s potential to play a pivotal role in the global confectionery industry. Emphasising the need for local stakeholders to broaden their horizons, he urged concerted efforts to position Sri Lankan chocolates as world-class products, akin to the distinguished reputation of the country’s tea and cinnamon. Speaking at the 30th Annual General Meeting of the Lanka Confe
25 Jan 2024 - 0 - 678
The container throughput at the Port of Colombo experienced a modest recovery in 2023, rebounding from the effects of the economic crisis and political and social unrest of the preceding year.
24 Jan 2024 - 7 - 819
In line with widespread predictions, the Central Bank opted to keep its key policy rates unchanged at 9 and 10 percent during its inaugural Monetary Policy announcement for the year.
23 Jan 2024 - 5 - 1209
Sri Lanka’s largest industrial exporter, the apparel sector, saw its performance for the whole of 2023 dip significantly, with its earnings contracting by 19 percent year-on-year (YoY).
22 Jan 2024 - 0 - 143
Sri Lanka’s reform initiatives garnered positive feedback from the visiting International Monetary Fund (IMF) team during their recent routine assessment. However, despite this encouraging development....
20 Jan 2024 - 18 - 701
Leveraging the effectiveness of the Central Bank of Sri Lanka on the control over inflation, the International Monetary Fund (IMF) emphasised the importance of maintaining a prudent approach in future monetary policy decisions.
19 Jan 2024 - 1 - 72
The Committee on Public Finance (COPF) slammed the Ministry of Finance and the Inland Revenue Department for failure to collect foregone taxes from major corporations connected to the sugar scam as outlined in the forensic report by the
18 Jan 2024 - 0 - 154
The Ceylon Tea cuppa is expected to face short-term constraints as it steers through 2024 but the regulatory initiatives and global trends are expected to shape the industry’s outlook, the tea brokers said. The enforcement of the B60 programme, which mandates the tea growers and manufacturers to adhere to enhanced standards for green leaf production, is anticipated to temporarily constrain the availability of tea, according to the insights from
17 Jan 2024 - 15 - 2876
Tourist arrivals to Sri Lanka crossed the 100,000 milestone within the first 15 days in January, signaling a remarkable spike in global interest in the island nation.
16 Jan 2024 - 2 - 1173
The banks are set to receive guidelines for the establishment of business revival units, aimed at assisting the small and medium enterprises (SMEs) affected by the recent crises.
13 Jan 2024 - 0 - 158
The Central Bank will review the remaining restrictions on the outflows from the capital account and gradually start lifting them by taking into account the domestic market foreign exchange liquidity condition improvement. “With the observed improvements in the liquidity position of the domestic foreign exchange market, the Central Bank would review the existing restrictions on certain capital foreign exchange outflows on a priority basis, with a
12 Jan 2024 - 0 - 88
The government expressed confidence in the International Monetary Fund (IMF) exhibiting flexibility by overturning the elimination of VAT exemption for Destination Management Companies (DMCs)
11 Jan 2024 - 10 - 743
The Central Bank yesterday said it does not see the need to change the course of the current monetary policy path set off in June last year, as inflation remains well anchored, despite the near-term blips in the price indices, due to the recent hike in the Value Added Tax.
10 Jan 2024 - 3 - 2307
The Port of Colombo is experiencing a surge in transshipment container volumes as it emerges as a transit point in the short term for major shipping lines to reroute their vessels around the Cape of Good Hope, a move opted to avoid disruption to shipments following the recent attacks on vessels in the Red Sea.
09 Jan 2024 - 0 - 78
Japan, one of Sri Lanka’s main creditors, asserted the need for Sri Lanka to speed up efforts in inking the memorandum of understanding (MoU) with its creditor nations on debt restructuring at the earliest.
08 Jan 2024 - 0 - 108
Business in Jaffna is expected to receive a fresh boost this year with President Ranil Wickremesinghe assuring that their grievances will be addressed without fail. Wickremesinghe....
06 Jan 2024 - 21 - 2850
The International Monetary Fund (IMF) would evaluate Sri Lanka’s economic progress next week, with a team of officials expected to arrive in the country, the Finance Ministry said.
05 Jan 2024 - 8 - 2154
Public funds would only be utilised as the last resort to meet the recapitalisation requirements of the banking sector to ensure stability within the financial system, the Central Bank said.
04 Jan 2024 - 0 - 123
Sri Lanka’s exporters are entering the new year with several concerns, National Chamber of Exporters (NCE) President Jayantha Karunaratne said, since given the current status of the local and global economic conditions, it is clear that the challenges are many. “It’s a challenging year. It will be challenging due to many reasons. As exporters, we find that the local costs have gone up significantly, which has increased our operational costs. Now
03 Jan 2024 - 0 - 179
Sri Lanka has bounced back and stands firm among the top emerging economies for investment, a globally renowned investor....
02 Jan 2024 - 1 - 92
CNN: Maersk has imposed a 48-hour delay on its vessels moving through the Red Sea, following an attack on one of its merchant ships by Iranian-backed Houthi fighters based in Yemen. The US military said its helicopters responded to distress calls from the vessel — the Maersk Hangzhou — on Sunday and sank three boats operated by the Houthis, killing those aboard. A fourth boat fled the area, it said. The Danish company said in a statement that all
01 Jan 2024 - 1 - 150
The Central Bank recently asserted that banks’ right of parate execution must not be amended in favour of an insignificant number....
31 Dec 2023 - 0 - 141
With revisions to the Value Added Tax (VAT) coming into effect from 1 January, telecom giant Dialog Axiata has notified its consumers of the increases that will be seen in their monthly bills.
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