14December2017

Athulatha

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Inland Revenue Department plans to reduce the number of ad hoc tax exemptions with the introduction of the new Inland Revenue Act, next year. Inland Revenue Department Commissioner General Ivan Dissanayake, speaking at a recently concluded post-budget seminar in Colombo, noted that the introduction of Revenue Administration Management Information System (RAMIS) too will revolutionise the tax culture in Sri Lanka and a number of key government institutions are to be connected with this system in the near future. RAMIS, to be implemented next year, is expected to support a number of web services including tax payment, tax collections, cancellations, returns,…

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Sri Lanka-India FTA structure is changing fast and there is a trend that more Sri Lankan products are entering the Indian market, said former Secretary, Minister of Finance, India, Dr. S Narayan. Speaking at the Lakshman Kadirgamar Institute on the subject of India -Sri Lanka economic relations in Modi’s India, he said that the trade balance is now shifting towards Sri Lanka’s favour, from 9 to 1 three years ago to 6 to 1, recently. The total bilateral trade volume was US$4.7 billion. He said that most Sri Lankan companies that set up manufacturing plants in South India are doing…

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For the first time, a company would be investing in Sri Lanka to produce alternative energy from sea waves. Finland-based AW Energy, an ocean wave energy company, is working with the Government of Sri Lanka to set up a project to harness the potential of ocean wave energy around the southern coast of Sri Lanka. They are ranked number one globally in this technology, according to a survey by Bloomberg and they will work with Sri Lankan company Sunpower Systems (Pvt) Ltd, in their local operations.   Wave energy is the largest untapped form of renewable energy in the world.…

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The Second Reading of the Budget-2018 was passed in Parliament with a majority of 93 votes. The Budget was passed with 151 voting in favour and 58 voting against, by a two thirds majority. The JVP voted against the budget proposal with the Joint Opposition group while the TNA voted with the government for the budget during the vote taken at 5.30 p.m. yesterday after six days of the Second Reading debate from 9.30 am to 7.30 pm. Mass Media and Finance Minister Mangala Samaraweera presented the budget proposals last Thursday (09). The Committee Stage debate on the Budget proposals…

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GSP Plus has delivered its most prominent success for Sri Lankan exports to-date since its announcement, said Minister of Industry and Commerce Rishad Bathiudeen addressing the launch event of the third edition of Intex South Asia 2017 in Colombo yesterday. “As a result of regaining GSP Plus, our apparel exports from January to September this year has increased by 11.3% to US $ 1.67 billion,” the Minister said. “It is also an indication of how we are integrated to the global trading system. SL apparel industry is important for our economy and is important for integration of Sri Lanka with…

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A Budget office will be set up in the parliament by end of 2018, State Minister of Finance Eran Wickramaratne said. This is in an effort to improve accountability and transparency of public finance. He made these views speaking at a post budget seminar, organized by the Institute of Certified Management Accountants (CMA) of Sri Lanka in Colombo yesterday. “Over the last six to seven decades, the country had to rely on numbers provided by the Central Bank and the Finance Ministry and the parliamentarians didn’t have an independent way to double check those numbers and data given by these…

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LAUGFS Gas PLC recorded a healthy growth of 49 percent in turnover for the first half of the year 2017/18 driven by the group’s long and medium term strategic growth drivers.   The group’s Operating Profits is down by 14 percent and Profit After Tax (PAT) was down by 85 percent in comparison to the corresponding period of the previous year. This is mainly attributed to a combination of market factors, mainly the rapid increase in global Liquefied Petroleum Gas prices, and upward trajectory of world steel prices. Further, the depreciation of the value of rupee against the US dollar…

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SriLankan Airlines collected yet another impressive accolade when it won the title of ‘Best Full Service Airline in Central & South Asia’ for the third consecutive year at the Future Travel Experience Asia Awards 2017 in Singapore, an event that recognizes the most customer-centric airlines and airports in Asia and Oceania. SriLankan’s CEO Captain Suren Ratwatte said: “I am delighted to say that this award is the direct result of the extraordinary level of commitment by every member of our airline’s team, both in the air and on the ground. This demonstrates a high level of long-term consistency in our…

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National Chamber of Sri Lanka (NCCSL) said that they are happy with the 2018 Budget and said that it has several meaningful proposals that would encourage business development in the country. “It’s not an election-oriented Budget and is not a one with lot of ‘goodies’. It has long-term policies and proposals that would help leap frog the economy,” said NCCSL President Sujeeve Samaraweera. “We sincerely expect successful implementation of these efforts by the Government which is an important imperative towards achievement of the objectives of the Budget moving forward.” “However, it would be challenging for the government to provide an…

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The Budget for 2018 focused on promoting entrepreneurship and proposing structural changes to convert the economy to a more outward looking policy framework while also taking an active stance in promoting a green environment and providing an enabling environment for public-private partnerships, said First Capital in their Budget 2018 review. Government plans on a sustained path of fiscal consolidation as it aims for the first time to achieve a revenue surplus and to reduce budget deficit to 4.8% of GDP for 2018 while the Debt to GDP ratio is expected to improve to 77.5%. With Government’s revenue enhancement strategies on…

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