Friday, March 6

Tag: foreign exchange

Govt. ups tax on small and eco-friendly cars
2Aug By Faraz ShauketalyNo Comments
Business, Main Story

Govt. ups tax on small and eco-friendly cars

The Finance Ministry yesterday revised upwards the excise duty levied on vehicles with engine capacity less than 1000cc, to control the heavy outflow of foreign exchange. Accordingly, the duty on vehicles with less than 1000cc engine capacity has been increased to Rs.1.5 million, while slapping a Rs.1.25 million duty on hybrid and electric vehicles with less than 1000cc engine capacity. The Finance Ministry, issuing a statement, said that these tax amendments would not, however, affect the letters of credit (LCs) opened before 1 August 2018, and that these new taxes are not applicable for vehicles cleared before 31 January 2019. It was noted that the Government’s decision to revise taxes on small cars was an upshot of the heavy outflow of foreign exchange observed in the recent pa...
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Tea primps for Rs. 4.5 b global campaign
22Mar By Faraz ShauketalyNo Comments
Business, Main Story

Tea primps for Rs. 4.5 b global campaign

By Uditha Jayasinghe The long-awaited Rs. 4.5 billion international marketing campaign for Sri Lanka’s tea industry took a giant leap forward yesterday, with Dentsu Grant signing the agreement to promote Ceylon Tea across 12 countries. The Rs. 219 million media contract to commence the global marketing campaign was signed at the Sri Lanka Tea Board on Wednesday in the presence of Plantations Minister Navin Dissanayake and other officials. The campaign is expected to help Sri Lanka meet its 2018 target of 320 million kilos and earn an estimated $ 1.65 billion. Tea is Sri Lanka’s largest foreign exchange earner, recording $ 1.53 billion last year. In 2017, tea crop rose 5% from 292 million kilos to 307 million kilos. On average, auction prices reached $ 4.07 per kilo in 2017 as agai...
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IMF commends SL’s economic reform efforts
11Dec By Faraz ShauketalyNo Comments
Business

IMF commends SL’s economic reform efforts

The International Monetary Fund (IMF) has commended the commitment of the authorities towards implementing economic reforms while undertaking fiscal measures to improve government revenue, the Central Bank said in a statement on Friday. The IMF has further appreciated the efforts of the authorities to deepen the foreign exchange market while building up reserves and achieving enhanced exchange rate flexibility, the statement said. The IMF has also maintained the view that the monetary policy must be focused on easing inflationary pressures and high credit growth. Furthermore, the IMF has recognized the efforts taken by the authorities to achieve quantitative performance criteria set under the Extended Fund Facility (EFF). The EFF supported economic program is expected to imp...
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IMF says Sri Lanka fiscal performance satisfactory, approves US$ 251.4 million disbursement of third tranche EFF
8Dec By Faraz ShauketalyNo Comments
Business

IMF says Sri Lanka fiscal performance satisfactory, approves US$ 251.4 million disbursement of third tranche EFF

The International Monetary Fund (IMF) Thursday said its Executive Board completed the third review of Sri Lanka's Extended Fund Facility (EFF) arrangement, which enables the disbursement of about US$ 251.4 million. The Executive Board of the International Monetary Fund (IMF) on December 6, 2017, completed the third review of Sri Lanka's economic performance under the program supported by a three-year extended arrangement under the Extended Fund Facility arrangement. Issuing a statement following the third review the IMF executive Board said Sri Lanka's fiscal performance has been satisfactory and all targets until September were met. While the authorities met fiscal targets and legislated the income tax reform, further consolidation is necessary, given Sri Lanka's high debt burden...
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