Sri Lanka Economy

EPS · 26 Re: Sri Lanka Economy Thu Oct 23, 2014 3:24 pm

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http://www.parliament.lk/files/pdf/budget/2015/appropriation_2015_bill.pdf

NC · 27 Re: Sri Lanka Economy Thu Oct 23, 2014 4:21 pm

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EPS wrote:Proposed taxes

n15 per cent salary hike as an allowance subjected to a maximum of
Rs. 2500 for public sector employees and raising subsidies for agriculture.
n10-25 per cent increase in taxes on imported liquor, tobacco, the
annual licence for motor vehicles, the Nation Building Tax and Value Added
Tax (VAT) for purchases in supermarkets, malls, hotels and restaurants.
nTo protect local manufacturers, taxes on imported leather, plastic,
metal, steel products, furniture, pharmaceuticals, biscuits, chocolates,
confectioneries, apparel and textile will be increased.
Most of these financial and budgetary proposals will be included in
annexures but not in the budget speech, a senior government official said.

http://www.sundaytimes.lk/141005/business-times/2015-sri-lankan-budget-bag-full-of-election-goodies-120454.html

the following tax increases are totally unfair according to my view;
- Tobacco; Most labours highly depend on tobacco, and they cannot give up it all. How much is there daily earning...? and how much they spend on cigars...?
- Annual licence for motor vehicles; Dual purpose (DP) and heavy vehicles (HV) renwal fees're even now at a high. But, luxury and semi-luxury taxes are comparatively low. Those DP and HV either, transport cargo either passengers. So, what happens transport cost of those..? This's not the way that a Gov. should look at low income people..
- Pharmaceuticals; How much of drugs are manufactured in local, the SPC, GSK.. ? 200 products, and its over all 15% of market. 85% are imported. And, many patients are reluctant to use local products bcz of quality and all... What'll happen to patients? Many medicines're life long or long term therapy...
I wonder these, taxes are to protect the manufactures or to protect the government.... Evil or Very Mad

fff4sl · 28 Re: Sri Lanka Economy Thu Oct 23, 2014 4:38 pm

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NC wrote:

RPPA wrote:

NC wrote:Hope subsidies will be given for;
- Manufacturing
- Hotels and travels
- Plantation
-Bank and Finance
-Construction

Little on:
- Footwear/textile and Information technology

And; Beverage, food and tobacco.. ( cannot say + /- )

Machang NC

no no no

You have given a general comment.That is easy guess.

Thats Mahinda Chinthanaya...
This budget will be more target on Presidential election... That's the point of view we should look at...

I agree with you...

Balanced_Views · 29 Re: Sri Lanka Economy Thu Oct 23, 2014 4:58 pm

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EPS wrote:With the Expecting economy favorable budget, which companies will benifited ?

TKYO

soileconomy · 30 Re: Sri Lanka Economy Fri Oct 24, 2014 5:01 am

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Corporate taxes will be increased?government servants get salary increment .due to presidential election people will be given more consessions at the expenses of private sector.to be honest this budget will not be a good one for private sector.

Main objective of the budget to increase vote base not to improve economy.

Hawk Eye · 31 Re: Sri Lanka Economy Fri Oct 24, 2014 9:03 am

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Budget will be based on bringing down the cost of living. They have to do this in either two ways. Loss of tax revenues to treasury or keep it as it is and squeeze the Companies.

NZ BOY · 32 Re: Sri Lanka Economy Fri Oct 24, 2014 9:10 am

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favorable for plantation and motor

Sarabulathwita · 33 Re: Sri Lanka Economy Fri Oct 24, 2014 2:20 pm

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power sector favorable budget !!!!!!!!

samaritan · 34 SRI LANKA'S ECONOMY Mon Jun 18, 2018 2:56 pm

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Capt.Ranwick from on board 'S L ECONOMY'.
Sri Lanka Economy - Page 2 Sinkingship

samaritan · 35 Re: Sri Lanka Economy Tue Jun 19, 2018 1:14 pm

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ECONOMY UNDER 'GOO GOVERNANCE'.

skyfall · 36 Re: Sri Lanka Economy Tue Jun 26, 2018 4:02 am

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samaritan wrote:
ECONOMY UNDER 'GOO GOVERNANCE'.

Lol

samaritan · 37 Re: Sri Lanka Economy Tue Jun 26, 2018 5:06 pm

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Central Bank Governor predicts the likelihood of a painful financial crisis similar to that of Greece if bad policies continue.
('Mirror Business' of today)

In my opinion the govt has no alternative policies and hence,a painful financial crisis may be inevitable.

samaritan · 38 Re: Sri Lanka Economy Wed Jun 27, 2018 8:56 am

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samaritan wrote:Central Bank Governor predicts the likelihood of a painful financial crisis similar to that of Greece if bad policies continue.
('Mirror Business' of today)

In my opinion the govt has no alternative policies and hence,a painful financial crisis may be inevitable.

PM says that he does not know the whereabouts of Arjuna Mahendran.

reyaz · 39 Re: Sri Lanka Economy Thu Jun 28, 2018 6:26 am

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WHAT ABOUT DAY TO DAY BUSINESS? GOVERNMENT BAD POLICIES? NAME ONE BAD POLICY PLEASE

DAILY PEOPLE MIND THEIR OWN BUSINESS, PEOPLE LIVE AND PEOPLE MAKE MONEY AND PEOPLE DIE OTHER PEOPLE MAKE MONEY(THROUGH INHERITANCE AND INSURANCE DEATH CLAIM) AND ALSO SALARY INCREMENTS ALSO AFFECT THE ECONOMY IN A BIG WAY. ALL THE MONEY END UP IN BANKS AND EVENTUALLY END UP IN STOCK MARKET- "BAD POLICIES" IS JUST A SCARE TACTIC BY PEOPLE WHO "THINK" THEY ARE BORN TO LICK MAHINDA RAJAPAKSE'S SHOES.

HIGH CALIBRE TRADING

samaritan · 40 Re: Sri Lanka Economy Thu Jun 28, 2018 9:40 am

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The concern about the current bad policies are raised by no one other than the Central Bank Governor under Goo Governance.

I feel former forum member Karuna is back after under going a minor operation. Sri Lanka Economy - Page 2 Icon_lol

anges · 41 Re: Sri Lanka Economy Thu Jun 28, 2018 6:38 pm

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policy makers are on the correct track it seems ! cannot be certain for sure ! but sudden change would be a essence for disaster ! people will decide by 2020 what they want disaster or stability ! either way it would not be good for the people just the stability .........!!!!!!!!!!!

samaritan · 42 Re: Sri Lanka Economy Thu Jun 28, 2018 7:17 pm

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anges wrote:policy makers are on the correct track it seems ! cannot be certain for sure ! but sudden change would be a essence for disaster ! people will decide by 2020 what they want disaster or stability ! either way it would not be good for the people just the stability .........!!!!!!!!!!!

If policy makers are on the correct track, are you saying the Central Bank Governor is on the wrong track?

fireshelter · 43 Turnaround time for economy: MR Tue Nov 26, 2019 6:31 pm

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Says he is aware of tough task ahead
Confident of delivering policy consistency, economic growth
Plans fresh legislation to protect public servants from FCID
Insists he has proven track record after being Fin. Min. four times
Policies to rejuvenate economy already drawn up, promises swift implementation
Believes growth will be felt by everyone from farmer to big corporation

By Uditha Jayasinghe

Prime Minister Mahinda Rajapaksa yesterday assured policy consistency, competent leadership and economic stimulus to turnaround Sri Lanka’s economy in the shortest possible time, when assuming duties as the Finance Minister.

Speaking at the Finance Ministry, Prime Minister Rajapaksa spoke extensively on what he termed the shortcomings of the previous administration. He insisted that due to their numerous shortcomings, the economy had been suffering for a number of years and it was now his responsibility as Finance Minister, for the fourth time, to implement solutions.

He also made an effort to bolster the confidence of the public sector, censuring the Financial Crimes Investigations Division (FCID) for its conduct and assuring that he would bring in legislation which would protect all public employees who made decisions based on “good intentions” from any legal persecution.

“The FCID has frightened public servants to the point they are afraid to take decisions. In the near future I hope to introduce legislation that will protect any public servant working with good intent. Fear of persecution has resulted in the public sector grounding to a virtual halt,” he told the Finance Ministry staff, well-wishers and reporters.

Rajapaksa pointed out that the policy manifesto of President Gotabaya Rajapaksa aimed to achieve a slew of goals for Sri Lanka, including increasing economic growth to 6.5%, per capita income to $ 6,500, delivering sweeping tax cuts while maintaining the Budget deficit under 5% and bringing interest rates to single digits.

“Policies to rejuvenate the economy have already been drawn up and implementing them will happen fast. Not only will we provide relief, we will also provide a boost to the economy and achieve the targets that have been set out in our manifesto. We are confident that we can achieve this but it can only be done with the dedication and hard work of everyone. We will create an economy that will provide tangible prosperity for everyone, including fishermen, farmers, small enterprises and large companies.”

Rajapaksa severely criticised the previous administration headed by former Prime Minister Ranil Wickremesinghe, whom he insisted had taken on a country that was experiencing good growth.

“This is the fourth time I have become the Finance Minister and at each instance there have been different challenges for us to deal with. This time I have become Finance Minister at a critical point for Sri Lanka. To understand the weight of this challenge it is necessary to look back at where we were in 2014. At that point, for five years the average growth rate was 6.8%, our GDP growth had grown to $ 79 billion, inflation was at 3.3% and reserves were at a historical high of $ 8.2 billion,” he said.

Rajapaksa added that the exchange rate was at about Rs. 130, lamenting the depreciation of the rupee that had taken place since then, and argued that the country’s debt had increased as a result. He also contended that poverty had been under control, as much as 98% of the population had uninterrupted electricity, the Budget deficit was low and taxes were at a level which people could bear. Debt as a percentage of GDP had reduced to 71% from 91%.

“In addition, Sri Lanka had the capacity and background to face a global crisis with courage and professionalism. Even though there was a humanitarian effort underway, resources for this were found by the Finance Minister. There were single-digit loan rates with the free circulation of money. There were also many infrastructure projects being implemented across the country. Local and foreign investors had confidence in Sri Lanka. The entire country, in short, was like one large construction site. That was the situation when I handed over the Government and left. This situation has completely reversed in the past few years.

“All sectors of the economy are stagnating today, growth is slow and loan rates have doubled along with inflation. The private sector has fallen, investors have lost their confidence in Sri Lanka, even the tourism industry, which was the only bright spot, suffered badly after the Easter Sunday attacks. Thousands of companies have closed and non-performing loans are at a point never seen before,” he stated.

Even though efforts were made to draw attention to these issues by his party, the warnings went unheeded, Prime Minister Rajapaksa said. He praised the public for giving a resounding mandate to President Gotabaya Rajapaksa and paving the way for him to return as Finance Minister to provide solutions.

“I’m fully aware of how challenging this task is and how important it is to turn around the economy. We have to quickly create an environment where the public sector, the private sector and other stakeholders can have confidence and policy consistency. When we are successful in doing this, the confidence in our economy will improve and investment will increase. A positive cycle that benefits the poor and middle classes will be created.

NANDANA2012 · 44 More Govt Jobs Destroy Economy Wed Jan 22, 2020 7:44 am

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More than debt moratorium, tax cuts (Both have a positive effect medium term) or credit rating downgrade, More Govt Jobs will hamper the economy and will never recover from there...

Actually none of these other efforts will not be fruitful after creating Macro economic issues which destroy economy and then also keeping SOE's without privatising..

https://economynext.com/sri-lanka-tax-payer-to-bear-unemployable-graduates-burden-from-march-41133/

Another cycle same output.. If Govt want to give Jobs to unemployed and poor, they have to arrange them for Private sector and ask them to work and earn. Govt can hire them or ask Private sector to pay half while Govt give half till they get trained for few years, afterwards they have to be absorbed or find other jobs. The money given by Govt can be considered a Long term loan and asked to pay later. Then these people will become productive labour. . Now these people going to sleep and earn in the Govt sector. Simply a burden on Tax payers and private sector. Private sector and general public will be loaded with some taxes or another to cover their salaries....

Who is advising this Govt to do these crazy things ..... ??

What is your idea ??

ThilinaM · 45 Re: Sri Lanka Economy Wed Jan 22, 2020 10:29 am

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privet sector have to pay gvt pin padi jobs

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privet sector have to pay gvt Pin jobs.

ThilinaM · 47 Re: Sri Lanka Economy Wed Jan 22, 2020 10:31 am

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gvt jobs are salary without value addition. cost to the country without benifit

Quibit · 48 Re: Sri Lanka Economy Wed Jan 22, 2020 10:38 am

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NANDANA2012 · 49 Re: Sri Lanka Economy Wed Jan 22, 2020 1:26 pm

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ThilinaM wrote:privet sector have to pay gvt pin padi jobs

Exactly Thilina, it is time private sector and self employed etc with over 7 Million Voters get together and work as one force to against 1.4 Million Govt sector workers who always get many benefits using their vote base...

NANDANA2012 · 50 Re: Sri Lanka Economy Wed Jan 22, 2020 1:32 pm

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ThilinaM wrote:gvt jobs are salary without value addition. cost to the country without benifit

Very True, the problem is its too high in Sri Lanka. All political parties give jobs to get votes after each election just for nothing.. Then they get compensation to stay home if some entities are closed.. Pensions.. so many nebefits.. Poor tax payers have to bear all these.. THIS IS TOP 10 ECONOMIC ISSUES IN SRI LANKA in addition to LOSS MAKING SOE's. So this Govt also after having a good majority trying to do the same...

It is time private sector and self employed etc with over 7 Million Voters get together and work as one force against 1.4 Million Govt sector workers who always get many benefits using their vote base...

ThilinaM · 51 Re: Sri Lanka Economy Wed Jan 22, 2020 1:41 pm

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NANDANA2012 wrote:

ThilinaM wrote:privet sector have to pay gvt pin padi jobs

Exactly Thilina, it is time private sector and self employed etc with over 7 Million Voters get together and work as one force to against 1.4 Million Govt sector workers who always get many benefits using their vote base...

it is time private sector and self employed etc with over 7 Million Voters get together and work as one force to against 1.4 Million Govt sector workers who always get many benefits using their vote base...

NANDANA2012 · 52 Re: Sri Lanka Economy Wed Jan 22, 2020 2:26 pm

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MR and GOTA have done many BIG things, done many difficult things, But they have done many mistakes too like Mattala. They did many with Chinese loans, but by the time they got defeated, economy and finance had come to a boiling point... There is no country in the world who will have a sound economy with a extra large Government sector and loss making State Enterprises... Just to please few thousands voters you make fundamentally wrong decisions and then you loose Millions of voters when the economy is stuck.. When u cant maintain exchange rate due to high Government spending, all sort of issues (Inflation, debt increase, low foreign investments, specially in stocks, low growth, business stagnation, high crime, poverty increase, high taxes ) start to happen...

So either we have to be like Cuba (Closing to outside world) or we have to follow economic fundamentals.. Then achieving 6-8% growth will not be difficult and when growth is good, all other issues will start dissapearing....NO BASICS - NO GROWTH....

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http://www.colombopage.com/archive_20A/Jan19_1579455719CH.php

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http://www.colombopage.com/archive_20A/Jan25_1579898998CH.php

“Our country was in the forefront of Asia in terms of economic growth from 2005-2014. Economic growth has slowed down in the last few years. One of the biggest challenges we face today is the revival of the economy,” President Rajapaksa said.

“New technology must be used to rebuild the economy. Skilled labor is another important factor. The education system too needs to be transformed to create a strong economy. It is a top priority to get more youth into tertiary education,” the President also said.

“We need to identify areas where we can serve the people and contribute more to economic growth. Institutions such as the Tourist Board and the Board of Investment have a major responsibility. These institutions should free themselves from the allegations leveled against them in the past and contribute to the economic recovery,” said the President.

Teller · 55 Re: Sri Lanka Economy Sat Jan 25, 2020 8:13 pm

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Petroleum and electricity board estimate loss 200 billion lkr, more than 1 billion USD... think how to run..its so simple.

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