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KillerQuest
Unidentified gunmen failed in a late-night quest this week, to kill the top customs official who is heading the revenue fraud investigation in the import of GoldQuest medallions.Unidentified gunmen failed in a late-night quest this week, to kill the top customs official who is heading the revenue fraud investigation in the import of GoldQuest medallions. […]
Live Injection
The Aitken Spence Group secured an AA (sri) rating for its upcoming Rs. 1 bn five-year unlisted debenture issue from Fitch Ratings Lanka. The group needs the cash to fund its 100 MW power plant in Embilipitya and feed some of its ongoing capital expenditure programmes.rn rnFitch also confirmed an AA (sri) rating for Aitken […]
Heavy Load
The Treasury says it has forked out Rs. 6 bn todate to subsidise essential items like petroleum, wheat, flour, fertilizer and sugar.The lion share of the subsidies is channeled towards petroleum imports, Treasury Secretary, Dr. P B Jayasundara said.rn rnSri Lanka imports all its oil needs, buying 2.0 mn MT of crude and 1.5 mn […]
Acting Fast
The Finance Minister has won the Cabinet nod to go ahead to enact five amendments to tax related acts to seal up its revenue lines and increase collection. rnrnThe list of changes like re-imposition of the land tax also includes a change to the tax amnesty act.rn rnThe controversial tax amnesty and delays in implementing […]
Soft Pillow
The government says it is working on US styled Chapter 11 bankruptcy laws to resuscitate ailing firms.The fresh laws will cover sole traders and partnerships, in addition to limited liability companies.rn rnUnveiling its new economic policy, the government says such laws will come under a dedicated agency to speed up the restructuring process.rn rn”Sri Lanka […]
Audit Check
The securities watchdog has issued tough guidelines on the role of auditors and non-audit services, which will be made compulsory for listed firms from next April.Listed firms will also be required to rotate their auditors every three years from 2006. rn rnThe guidelines focus on two areas i.e. audit of listed companies and audit committeesof […]
Building High
A 22.46 percent larger loan book propped up by lower interest rates and growing demand for homes upped income at Housing Development Finance Corp., Bank (HDFC Bank to Rs. 829.85 million, 31.5 percent over 2002. Chief Executive C A Sarathchandra told Lanka Business Online that a concerted effort to increase the housing stock saw up […]
Mismatch
Total revenue for the period Jan-Apr fell three percent to Rs. 91.7 bn while overall expenditure jumped 33 percent to Rs. 121.0 bn, the Finance Minister Dr. Sarath Amunugama said Wednesdayrn rnA change in the Value Added Tax (VAT) from 20 percent to 15 percent, saw revenues drop 14 percent to Rs. 36 bn, while […]
Rising Expectations
Sri Lankas inflation rate for June shifted up to 3.9 percent on the back of rising prices of essential goods like rice, red onions, potatoes and vegetables.The Census & Statistics Dept said Wednesday that the Colombo Consumers Price Index or CCPI had touched 3,672.8 from 3,598.2 recorded in May this year.rn rnCommenting on the data, […]
Upping It
The Central Bank says it hopes to raise up to US$ 400 mn in bonds shortly, to bridge the budget deficit and ease the pressure on the local debt market.The bank had earlier planned to raise US$ 250 mn. But delays in aid disbursements and a weak rupee has prompted a change of plans.rn rn”The […]