Category: Other
Unorthodox Shift
Local factions in the tea industry say the Indian threat was looming for over a year, but officials here had made no effort to plan for competition. Sri Lankan orthodox teas sell at an attractive premium above CTC prices. In addition Sri Lanka dominates the orthodox market controlling well over 75 per cent of supply. […]
Rainy Day Funds
This is one of two pieces of legislation that are coming before parliament in the next few weeks, laying the groundwork for an eventual re-haul of the Termination of employment Act. rnrnFemale overtime is a key feature of the Factory Ordinance amendment, which is to be extended to 60 hours a month, as against the […]
Safety Net
A Fiscal Responsibility Act would also be passed, to ensure the government sticks to its commitments on revenue and expenditure. rnrnAmong the pieces of financial legislations is the law to set up a debt recovery and collection agency (RACA) to solve bad debts crippling the banking sector. rnrnThe agency is to be given strong debt […]
Small Start
A gazette notification spelling out the government quote s decision will be announced in August, Treasury sources said. rnrnHowever, broader pension reforms like allowing members flexibility to chose their own pension fund would come through next year via a new Superannuation Act. Some of the upcoming changes include issuing a bond for existing EPF holders […]
Abolished
The Banking Act, the Monetary Law Act and the upcoming Exchange Rate Management Act are likely to be abolished early next year. rnrnOfficials however, say amendments to the Banking Act and the Monetary Law Act, which governs the Central Bank, will still go ahead in August as a stopgap measure. rnrnAs part of a marathon […]
Internal Audit
A committee drawn up by the SEC will study wide range of matters including the separation of audit function from consultancy, the rotation and change of auditors and the composition, scope and powers of auditing committees. Representations should be forwarded by August 15, SEC says. rnThe local accounting fraternity has also launched a programme after […]
Copycat Law
Officials say the draft act that will protect ownership rights was completed early last year and is now pending parliamentary approval.rn rnAn attempt was made last year to ratify the draft act through parliament, but failed due to the political changes halting parliamentary proceedings. rn rnThe act will put in place a regulatory body with […]
Adding Value
However, as always a faction continued on the lines that importation would kill the local plantations and wipe out most of the trade.On the contrary, if tea importation is allowed and with structured promotions exporters can effectively market tea from two nations. Sri Lanka is already the largest tea exporter, exporting around 20 per cent […]
Value Deduction
Russian buyers favouring bulk tea over packed teas has been a leading factor in the drop.Commodity brokers say this is a disappointing tu of events and feel that Sri Lanka should move fast to capture and develop other value added markets.The Tea Board has identified Japan, the European Union and Austral Asia as potential value […]
Tea And The CEO
The selection and appointment of a CEO for the Tea Association will be the first official step in forming the umbrella organisation proposed in the A.T. Keay study initiated by the private sector. Chairman of the Planters Association, Mahendra Amarasuriya said plans were to appoint the new CEO before the end of August. Industry officials […]
Russian Ripper
Russia continues to be one of Sri Lanka quote s top buyers, importing approximately 50 million kilos a year and also the biggest value added market.A number of Russian companies had proposed to increase the tax by as much as 60 per cent. The mover aims to support Russian companies manufacturing value added tea, which […]
Betting On laws
The revised act with lower taxes and penalties for defaulters is expected to encourage bookkeepers and casinos to be a recognised taxpayer.rn rnThe exercise is expected to net in over Rs. 200 million to government coffers, under the budget for 2002 presented by the UNF coalition. rn rnInland Revenue authorities have already begun their campaign […]