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Country Road
Top Central Bank and Treasury officials will hit the road next week to raise dollar funds for the government.The US$ 100 mn fund raising exercise will see a Lankan team touching Singapore, Dubai, Bahrain, London and Abu Dhabi.rn rnCentral Banks Deputy Governor, W A Wijewardene will lead the local delegation from November 11-14.rn rnLast month, […]
Czechs are here
The first European airline to come into the country since the peace process, started operations this week. The Czech Republic national carrier, Czech Airlines will use Sri Lanka as the airlines east Asian hub after having pulled out from Thailand recently.The other long haul flights available are to New York and Montreal.rn rnCzech airline will […]
Hunting Black Money
Government announced a sweeping amnesty for undeclared foreign assets and black money on Friday.rn rnIn one of the most comprehensive attempts at drawing out black money the treasury has extended the amnesty to cover all taxes.rn rnPrevious government amnesties have only covered the income tax liability.rn rnThe treasury said similar comprehensive immunity will not be […]
Opening Gates
Investments in and out of the country will get a boost with the relaxation of exchange control laws soon.rn rnExchange controllers say the liberalization will help government efforts to increase investments by local and foreign companies.rn rnldblquote Until the legislation comes through, as a temporary measure we are trying to liberalize some items under existing […]
Easing Capital
Government plans to ease restrictions on capital transactions to increase private investments by local companies.rn rnSweeping exchange liberalizations including allowing non-nationals to invest in government and corporate debt will be announced within days.rn rnAmendments to the Exchange Control Act are expected to be announced in the budget followed by an official gazette notification.rn rnThe planned […]
What Next?
Venture capital funds going out of steam.rn rnThe government made the Venture capital industry almost overnight.rnInvestment relief under the Inland Revenue Act in 1990 brought in seven companies who set up venture capital funds.rn rnldblquote Investors in this Venture Capital fund would get investment relief. That is certain part of their investment is tax deductible.rn […]
Tax Break
Tax breaks are not something the fiscal planners are willing to consider just yet.rn rnBut when some of the biggest businesses groups in the country make the request its hard to ignore.rn rnThe big business groups in the island want the government to move towards group taxation when taxing conglomerates.rn rnGroup taxation allows trading losses […]
Cleaning Fingerprints
The Treasury on Friday announced a series of amnesties as part of its efforts to encourage locals to open up tax files.rn rnThe Inland Revenue Dept is amending its Special Provisions Act No: 7 of 2002, to dispense with tax, duties, levies and exchange control offences, says P Guruge, Tax Advisor to the Treasury.rn rnldblquote […]
Six In One Blow
Six cluster bus companies made it thorough the stock exchange as scheduled on Thursday, all picked up by the British led consortium of IBIS Transport Consultants, with technical collaboration from Transbus International. The partial sale fetched Rs. 1.41 billion to the governments for the 39 per cent stake and management control of the six bus […]
Streaming Medics
Sri Lankas first quoted tech firm has stepped up its distribution network as it speeds ahead to become a local health portal.A Rs. 70 mn joint venture between Millennium Information Technologies and Ayojana Fund Management, eChannelling Ltd, allows patients to channell doctors at Colombos top private hospitals through the Internet.rn rnAs an e-commerce start-up, eChannelling […]