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BUSINESS

Govt. plans to reduce debt to GDP ratio to 70% by 2020

The government has endeavored to reduce its debt to a risk-free and manageable level through revenue enhancement and mobilization efforts, the Finance Ministry says.   The debt to GDP ratio increased to 79.3 percent in 2016 from 77.6 percent in 2015 reflecting the debt financing of budget deficit, lower nominal …

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Petroleum pricing formula from March

Deputy Treasury Secretary S.R. Attygalle yesterday assured that the pricing formula on petroleum products would be implemented by March next year. “You will have the formula for the New Year in April,” he said addressing a post budget discussion organised by the Ceylon Chamber of Commerce. The electricity formula however …

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Jaguar Land Rover Takes Over Ratnapura Yet Again

SML Frontier Automotive the sole agents for Jaguar and Land Rover in Sri Lanka along with HNB Leasing will be present in Ratnapura with a range of benefits for prospective customers. The Jaguar and Land Rover team will be onsite at Silver Ray with HNB Leasing Ratnapura on Friday 17th to …

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Tax concessions on electric cars revised

The Finance Ministry had decided to provide tax concessions for electric cars with a one year usage. The gazette notification pertaining to the decision will be issued today (15), Financial Ministry reports said. Initially, Finance Minister decided to decrease the import tax levied on brand new Electric vehicles by Rs. …

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Finalization of the Public-Private Partnership Guidelines

As the government’s capacity to borrow money is limited Public private partnership is the only way forward to achieve development goals. Since 1998 Sri Lankan government has not issued any guidelines for PPP. The Department of Public Finance of Ministry of Finance conducted the final stakeholder consultation workshop on 15 …

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Budget keeps to IMF plan but fiscals still weak – Fitch

The global rating agency, Fitch Ratings says Sri Lanka’s budget for 2018 sticks broadly to the targets for fiscal deficit reduction under its three-year IMF program, which began in June 2016. However, high government debt and the large cost of debt servicing weigh heavily on Sri Lanka’s credit profile and …

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People’s Bank installs ATM at Ella Railway Station

People’s Bank recently unveiled an ATM at Ella Railway Station. The ATM provides the convenience of withdrawing cash 24 hours a day, 365 days a year. The ATM was installed under a drive implemented by the People’s Bank in collaboration with the Ministry of Transport, in a bid to install …

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EU to support capacity building on conflict resolution

The European Union has agreed to support capacity building on conflict resolution.   The undertaking in principle was given during a meeting between a visiting European Union (EU) Parliamentary Delegation headed by Jean Lambert and Secretary, Ministry of National   Integration and Reconciliation (MoNIR) V. Sivagnanasothy. Among those present on the …

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Duty on electric cars slashed

Finance Minister Mangala Samaraweera has agreed to extend the substantial duty concession announced in the budget for new electric cars to used models too, particularly the popular Nissan Leaf.   In his otherwise progressive budget, Samaraweera had introduced a discriminatory clause which doubled the tax rate for used electric cars, …

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