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New Tax Act comes into effect

Sri Lanka’s new Inland Revenue act aimed at simplifying the taxes and ease the burden on the low-income people, will come into effect from yesterday, Inland Revenue Department says. According to Commissioner of Inland Revenue Department Ivan Dissanayake, following the new Tax Act, taxes have been amended in a number …

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Central Bank to continue exchange of altered currency notes

The Central Bank has decided to continue the service of exchange of willfully mutilated, altered and defaced currency notes from CBSL until further notice.   The decision has been made considering the difficulties faced by the general public in exchanging willfully defaced currency notes after March 31, 2018.   After …

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CB to continue to exchange defaced currency

Considering difficulties faced by the general public in exchanging willfully defaced currency notes after 31.03.2018, the Central Bank of Sri Lanka (CBSL) has decided to continue the service of exchanging such notes until further notice.   A CBSL communiqué has said: The general public is hereby informed to submit such …

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Trump re-authorises GSP for SL, other countries

US President Donald Trump has re-authorised the Generalized System of Preferences (GSP) program, which expired on December 31, 2017, for the GSP beneficiary countries including Sri Lanka. Following the expiry, the GSP eligible imports to the US from Sri Lanka and other GSP beneficiary countries were subjected to non-preferential duties …

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Government to create three BOI zones

The government will speed up creating three new Board of Investment (BOI) zones at Bingiriya, Mawathagama, Milleniya and Charlimount (Matara). A budgetary allocation of Rs. 2.5 billion has beeng approved to develop these new zones. This was disclosed at a BOI held investor facilitation and networking event at the Cinnamon …

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No fuel price hike

Government says that it hasn’t decided to increase the price of fuel though the fuel prices have increased in the world market.   The Ceylon Petroleum Corporation sells a litre of 95 octane petrol at Rs128 and the loss incurred by the government is Rs.9.32. Litre of 92 octane petrol …

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