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Thu, 02 May 2024 Today's Paper
11 Jan 2024 - 10 - 753
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 - 2319
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 - 112
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 - 2862
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 - 2162
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 - 128
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 - 183
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 - 152
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 - 146
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.
30 Dec 2023 - 0 - 122
The Central Bank is bracing for an upcoming expansionary credit cycle, driven by the initiation of relaxed monetary policy measures, as the effects of consecutive policy rate cuts, targeted initiatives to expedite monetary policy transmission and a subdued inflation environment are gradually contributing to the easing of financial conditions.
29 Dec 2023 - 0 - 139
Sri Lanka’s merchandise export performance appeared to gain momentum in November compared to the previous month, signaling a potential turnaround, particularly with positive growth seen in the apparel export sector. Merchandise exports in November reached US$ 968.8 million, up 4.4 percent compared with the previous month’s performance.
28 Dec 2023 - 6 - 1124
Procuring IT services and solutions is going to get expensive, with the Value Added Tax (VAT) coming into effect from January 1 and could create unfairness within the industry, the Sri Lanka Association for Software and Services Companies (SLASSCOM) cautioned.
27 Dec 2023 - 0 - 320
The imposition of an 18 percent Value-Added Tax (VAT) on Sri Lanka’s gem and jewellery sector poses a threat to its sustainability....
23 Dec 2023 - 0 - 185
Sri Lanka’s banking fraternity yesterday expressed serious concerns on certain segments of the business community advocating for the removal of parate execution, cautioning that any such move would weaken the value of depositors’ funds.
22 Dec 2023 - 17 - 2321
As the government is leaving no stone unturned to increase tax revenue, experts in the field asserted that while doing away with Value Added Tax (VAT) exemptions is necessary, the authorities couldn’t have picked a worse time to implement the policy.
21 Dec 2023 - 7 - 1298
The Tea Exporters Association (TEA) yesterday expressed grave concern over the introduction of the 18 percent Value Added Tax (VAT) on the industry and the practical issues it is bound to create, unless a mechanism is put in place to ensure the seamless functioning of the tea value chain, in light of the VAT issue.
20 Dec 2023 - 0 - 1053
Despite a modest rebound in the overall economy in the third quarter, Sri Lanka’s construction sector, a crucial segment known for generating significant employment across all levels, has continued to contract.
19 Dec 2023 - 0 - 516
Banks extended Rs.37.9bn in net credit to private sector in Oct., compared to Rs.70bn in Sept.
18 Dec 2023 - 6 - 835
For businesses and investors consistently concerned about the lack of predictability in tax rates and interest rates, Central Bank Governor Dr. Nandalal Weerasinghe had a straightforward response—what they perceive as predictability may not align with reality.
16 Dec 2023 - 0 - 123
Sri Lanka has emerged from a nearly two-year recession that had impacted the economy and its people as the gross domestic product for the third quarter of 2023 recorded a 1.6 percent growth from the same period a year ago.
14 Dec 2023 - 0 - 122
Sri Lanka needs to enter into agreements with its official and commercial creditors, prior to the second review of the US $ 3 billion International Monetary Fund (IMF) bailout, IMF Senior Mission Chief for Sri Lanka Peter Breuer told reporters via a virtual press conference, yesterday. According to Breuer, the second review is likely to be concluded by the end of the first half of next year. Following the Executive Board of the IMF, completing th
13 Dec 2023 - 8 - 2155
Fragile and uneven economic recovery has further exacerbated income and wealth inequalities in the country, placing Sri Lanka among the top five most unequal countries in the Asia Pacific, according to the United Nations Development Programme (UNDP).
12 Dec 2023 - 0 - 424
National Development Bank PLC (NDB) yesterday announced the retirement of its Director/Group CEO Dimantha Seneviratne and the appointment of Kelum Edirisinghe as his successor. According to the stock market disclosures filed, NDB, following the expiration of his fixed-term contract on January 31, 2024, Seneviratne will step down from his roles as Group CEO/Executive Director, after having completed seven years with the bank. The filing said Senev
11 Dec 2023 - 0 - 230
As Sri Lanka moves closer to eliminating almost all Value-Added Tax (VAT) exemptions, concerns have been raised about....
09 Dec 2023 - 0 - 133
The Asian Development Bank (ADB) announced yesterday the approval of a US $ 200 million concessional loan to Sri Lanka, under the Financial Sector Stability and Reforms Programme.
08 Dec 2023 - 23 - 2693
Tourism Minister Harin Fernando this week signaled that the recently reintroduced Minimum Room Rate (MRR) for Colombo city hotels will not remain for long, and the industry is expected to operate based on market forces.
07 Dec 2023 - 2 - 181
President Ranil Wickremesinghe has advocated for a systematic property valuation cycle, to enhance Sri Lanka’s tax system, proposing assessments to be conducted every five years. He expressed this stance during the centenary celebration of the Government Valuation Department. Recognising the positive impact such assessments can have on tax collection, he commended the department’s strides in digitalisation, acknowledging the efforts made in thi
06 Dec 2023 - 6 - 943
Despite increased tax revenues, Sri Lanka’s budget deficit widened in the first nine months to September 2023 compared to the same period last year, driven by a surge in expenses amid sharply rising prices.
8 hours ago