R.H.S Samaratunga Archives - Ceylon Independent

ADB grants USD 270 Mn to implement two development projects

16Dec

By Faraz ShauketalyNo Comments

Business, Main Story

ADB grants USD 270 Mn to implement two development projects

The Government of Sri Lanka entered into three Loan Agreements worth of USD 270 million with the Asian Development Bank (ADB) for the implementation of two projects; Integrated Road Investment Program and Jaffna Kilinochchi Water Supply Project. A loan of USD 150 million was obtained for the investments required for the 4th Tranche of the Integrated Road Investment Program and two loans worth of USD 120 million were obtained as additional financing for the investment required for the ongoing Jaffna-Kilinochchi Water Supply Project. The Integrated Road Investment Program is being implemented in six Provinces; Southern, Central, Sabaragamuwa, North Western, North Central Provinces and Kalutara District in Western Province under the financial assistance of ADB since 2014 with the ...

SriLankan Airlines unions shows solidarity with restructuring

All trade unions attached to SriLankan Airlines yesterday expressed their solidarity to the management of the Airline, in supporting the restructuring efforts initiated by the Government under the supervision of the Public Private Partnership (PPP) unit attached to the Ministry of Finance, Sri Lankan Airlines informed today (7th Dec.). In its press release, the Airline further added that this was expressed by the representatives of the trade unions when they met the Chairman of SriLankan Ajith Dias, CEO Capt. Suren Ratwatte together with senior management of the airline and the Chairman, National Agency for the Public Private Partnership, Thilan Wijesinghe on Tuesday, 5th December. At the meeting, the representatives of the trade unions comprising The Airline Pilots Guild, Flight Att...

PCs should tax businesses with quarterly income up to Rs3mn: FC

Sri Lanka’s Finance Commission (FC) has recommended that Provincial Councils should be allowed to collect taxes from business entities with quarterly income up to 3 million rupees. Currently, only business entities with quarterly income exceeding 3 million rupees are subjected to NBT, which is collected at the national level, while businesses having less than 3 million rupees quarterly income are exempt from NBT. Budget 2018 also proposed to further rationalise the exemptions on NBT in order to implement various policy measures of broadening the tax base and minimizing the tax expenditure. The Commission, in its report dated 21.08.2017, further recommended enhancing provincial revenue through untapped revenue sources such as private schools, tutories, local and foreign collages of...