Category: Featured
Sri Lanka cabinet approves reintroduction of capital gains tax
Jun 15, 2016 (LBO) – The cabinet committee on economic management has agreed to reintroduce the capital gains tax (CGT) to rectify the increase in the inequality of income distribution, a cabinet proposal said. “The cabinet also approved to draft a new capital gains tax regime,” it said. During the last few decades there has been a […]
Sri Lanka’s NBT should be abolished, minimal exemptions for VAT: IMF
June 15, 2016 (LBO) – International Monetary Fund’s latest staff report has suggested that Sri Lanka should minimize the exemptions provided under the Value Added Tax system, while abolishing the Nation Building Tax. The report has highlighted that the country needs an appropriate registration threshold and the degree of base erosion should be reviewed. Sri […]
Sri Lanka promises to reform Airline, public sector, fuel pricing to IMF
June 15, 2016 (LBO) – Sri Lanka has committed to reforming government finances and the public sector, in its letter of intent to the International Monetary Fund. Structural benchmarks include a “resolution strategy” for SriLankan Airlines by September 2016, in which it will take the loss-making airline off its books. Other reforms include enhancing oversight […]
Sri Lanka must get finances in order: IMF
June 14, 2016 (LBO) – Sri Lanka needs to put its fiscal house in order, the International Monetary Fund said, revealing details of the 1.5 billion dollar 36-month support programme. “There is a clear need to put tax revenues on an upward path as part of a growth-friendly phase of fiscal consolidation and debt reduction,” […]
IFC looks to fund Sri Lanka infrastructure, tourism and energy
Jun 13, 2016 (LBO) – The International Finance Corporation, a part of the World Bank group, said they are focusing on financing financially viable projects in Sri Lanka, and highlighted potential areas such as infrastructure, tourism, agribusiness, energy and also finance. “The project IFC gets involved should be viable and also should have a development […]
South Asia developing 7.1 pct; Sri Lanka falling behind on debt, growth
June 10, 2016 (LBO) – Growth in South Asia is expected to reach 7.1 percent in 2016 and strengthen to 7.3 percent by 2018, underpinned by robust domestic demand, the World Bank said in its Global Economic Prospects report. In the near term, consumption spending continues to benefit from low oil prices and modest inflation […]
IMF confirms Sri Lanka has additional Rs1.3 trillion liabilities
June 09, 2016 (LBO) – Sri Lanka’s government has been informed by the International Monetary Fund (IMF) that they have identified 1.3 trillion rupees (8.9 billion dollars) of additional liabilities as at the end of 2015. Prime Minister told Parliament that the fiscal affairs department of the IMF, with the help of treasury officials, recently […]
Sri Lanka to introduce capital gains tax & remove exchange control: PM
June 09, 2016 (LBO) – Sri Lanka’s government will remove exchange control regulations before the end of this year with improved inflows coming into the country, Prime Minister Ranil Wickremesinghe said. Speaking at the debate of the no-confidence motion against Finance Minister, the Premier said the proposal will be implemented with the 2017 budget proposals. […]
Sri Lanka Ports Authority calls EOIs to develop East Container Terminal
June 09, 2016 (LBO) – The Sri Lanka Ports Authority has invited expressions of interest to develop the East Container Terminal of the Colombo Port on a build operate transfer (BOT) basis. The terminal in its present form has a 440-meter long 18-meter deep quay wall, a 20-ha yard area and connected facilities developed by […]
Sri Lanka ministers need good vehicles to serve people: Rajitha
June 08, 2016 (LBO) – Sri Lanka’s ministers should be given proper vehicles to serve the public though there may be public resistance to tax-free vehicles, Co-Cabinet Spokesman Rajitha Senaratne said. The government yesterday presented a supplementary estimate of 1.2 billion rupees seeking Parliament approval to purchase 32 vehicles for 30 ministers, state ministers and […]
Sri Lanka exports, imports decline; trade gap shrinks in February
June 07, 2016 (LBO) – Sri Lanka’s exports fell 1.7 percent to 887.7 million US dollars in February, while imports fell at a faster 5.9 percent to 1,439.3 million US dollars from a year earlier, official data showed. The trade gap has shrank 11.9 percent to 551.7 million US dollars from a year earlier. On […]
IMF approves 36-month EFF facility of USD1.5 Bln to Sri Lanka
June 04, 2016 (LBO) – The Executive Board of the International Monetary Fund (IMF) has approved a 36-month Extended Fund Facility (EFF) to Sri Lanka for 1.5 billion dollars, to support the country’s economic reform agenda, the IMF said. The arrangement aims to meet balance of payments needs arising from a deteriorating external environment and […]