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Sri Lanka Equity Forum » Stock Market Talk » Sri Lanka Economy

Sri Lanka Economy

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KavinduTM


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
http://www.colombopage.com/archive_20A/Jan28_1580232434CH.php

Jan 28, Colombo: Sri Lanka Prime Minister Mahinda Rajapaksa says that as a policy, the government will not sell any national resources to foreigners.


The Prime Minister said this while participating at a function held at the Sri Lanka Customs Headquarters auditorium today to mark International Customs Day.
Addressing the gathering the Prime Minister said that the services of the Customs Department should be more efficient.


“We can promise that the events of the past ministry will not happen. We have great faith in you. It is your responsibility to exercise that trust and function more efficiently,” he said.


The Prime Minister said despite the efforts many things are brought into the country without paying taxes and if the Customs can stop them, the state revenues can be increased further.


Pointing out that the development of the country depends on the state revenues, the Prime Minister said about 57 percent of the Customs revenue is used for the country’s development.


The Prime Minister said the previous government sold the national resources belonged to the people of this country to foreigners.


“As a government policy, we are not going to sell any of our resources to foreigners,” said Prime Minister Mahinda Rajapaksa.


Ministers Wimal Weerawansa, Johnston Fernando, State Minister Shehan Semasinghe and Finance Ministry Secretary SR Attygalle and several others were present at the occasion.

62Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Wed Jan 29, 2020 5:51 pm

Teller


Moderator
Moderator
We should not sell and strictly no lease 99 years too. Recently 3 acre was given 42 millions $ , for 99 yrs

63Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Wed Jan 29, 2020 6:14 pm

Arrowrisk


Manager - Equity Analytics
Manager - Equity Analytics
@KavinduTM wrote:http://www.colombopage.com/archive_20A/Jan28_1580232434CH.php

Jan 28, Colombo: Sri Lanka Prime Minister Mahinda Rajapaksa says that as a policy, the government will not sell any national resources to foreigners.


The Prime Minister said this while participating at a function held at the Sri Lanka Customs Headquarters auditorium today to mark International Customs Day.
Addressing the gathering the Prime Minister said that the services of the Customs Department should be more efficient.


“We can promise that the events of the past ministry will not happen. We have great faith in you. It is your responsibility to exercise that trust and function more efficiently,” he said.


The Prime Minister said despite the efforts many things are brought into the country without paying taxes and if the Customs can stop them, the state revenues can be increased further.


Pointing out that the development of the country depends on the state revenues, the Prime Minister said about 57 percent of the Customs revenue is used for the country’s development.


The Prime Minister said the previous government sold the national resources belonged to the people of this country to foreigners.


“As a government policy, we are not going to sell any of our resources to foreigners,” said Prime Minister Mahinda Rajapaksa.


Ministers Wimal Weerawansa, Johnston Fernando, State Minister Shehan Semasinghe and Finance Ministry Secretary SR Attygalle and several others were present at the occasion.

Biggest joke of the year..... Very Happy

As long as majority of Srilanka citizens are blind, politicians can make these types of nonsense joke frequently as a time pass.....

64Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Wed Jan 29, 2020 6:20 pm

KavinduTM


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Teller wrote:We should not sell  and strictly no lease 99 years too. Recently 3 acre was given 42 millions $ , for 99 yrs

Ah 99 yrs is too much neh  Neutral

However they earned 2 times from same deal which was started by previous gov.

65Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Wed Jan 29, 2020 6:22 pm

KavinduTM


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Arrowrisk wrote:
@KavinduTM wrote:http://www.colombopage.com/archive_20A/Jan28_1580232434CH.php

Jan 28, Colombo: Sri Lanka Prime Minister Mahinda Rajapaksa says that as a policy, the government will not sell any national resources to foreigners.


The Prime Minister said this while participating at a function held at the Sri Lanka Customs Headquarters auditorium today to mark International Customs Day.
Addressing the gathering the Prime Minister said that the services of the Customs Department should be more efficient.


“We can promise that the events of the past ministry will not happen. We have great faith in you. It is your responsibility to exercise that trust and function more efficiently,” he said.


The Prime Minister said despite the efforts many things are brought into the country without paying taxes and if the Customs can stop them, the state revenues can be increased further.


Pointing out that the development of the country depends on the state revenues, the Prime Minister said about 57 percent of the Customs revenue is used for the country’s development.


The Prime Minister said the previous government sold the national resources belonged to the people of this country to foreigners.


“As a government policy, we are not going to sell any of our resources to foreigners,” said Prime Minister Mahinda Rajapaksa.


Ministers Wimal Weerawansa, Johnston Fernando, State Minister Shehan Semasinghe and Finance Ministry Secretary SR Attygalle and several others were present at the occasion.

Biggest joke of the year..... Very Happy

As long as majority of Srilanka citizens are blind, politicians can make these types of nonsense joke frequently as a time pass.....

You must be talking about that land deal. And we are not blind Mr.

66Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Wed Jan 29, 2020 6:40 pm

Arrowrisk

Arrowrisk
Manager - Equity Analytics
Manager - Equity Analytics
@KavinduTM wrote:
@Arrowrisk wrote:
@KavinduTM wrote:http://www.colombopage.com/archive_20A/Jan28_1580232434CH.php

Jan 28, Colombo: Sri Lanka Prime Minister Mahinda Rajapaksa says that as a policy, the government will not sell any national resources to foreigners.


The Prime Minister said this while participating at a function held at the Sri Lanka Customs Headquarters auditorium today to mark International Customs Day.
Addressing the gathering the Prime Minister said that the services of the Customs Department should be more efficient.


“We can promise that the events of the past ministry will not happen. We have great faith in you. It is your responsibility to exercise that trust and function more efficiently,” he said.


The Prime Minister said despite the efforts many things are brought into the country without paying taxes and if the Customs can stop them, the state revenues can be increased further.


Pointing out that the development of the country depends on the state revenues, the Prime Minister said about 57 percent of the Customs revenue is used for the country’s development.


The Prime Minister said the previous government sold the national resources belonged to the people of this country to foreigners.


“As a government policy, we are not going to sell any of our resources to foreigners,” said Prime Minister Mahinda Rajapaksa.


Ministers Wimal Weerawansa, Johnston Fernando, State Minister Shehan Semasinghe and Finance Ministry Secretary SR Attygalle and several others were present at the occasion.

Biggest joke of the year..... Very Happy

As long as majority of Srilanka citizens are blind, politicians can make these types of nonsense joke frequently as a time pass.....

You must be talking about that land deal. And we are not blind Mr.
Im not saying everyone is blind but 60%-70% of our voters are mere followers of party politics. We have seen it in Central bank bond issue revelation too.

Ekanayake90

Ekanayake90
Senior Equity Analytic
Senior Equity Analytic
ECONOMYNEXT – Sri Lanka is seeking parliamentary approval to spend 156 billion rupees more and raise up to 357 billion rupees in gross debt, in a supplement to a vote-on-account or a mini-budget running up to April 2020.

“We request a supplementary estimate of 101 billion rupees for recurrent expenditure and 55 billion rupees for capital expenditure be approved for the vote on account,” Prime Minister Mahinda Rajapaksa who is also Finance Minister told parliament.

Rakapaksa also sought parliamentary approval to raise a debt limit from 721 billion rupees in the original vote on account to 1,078 billion rupees or 357 billion rupees for the four months.

The original vote on account estimated revenues at 745 billion rupees and total outflows including spending and debt repayment at 1,470 billion rupees.

Rajapaksa who took over after President Gotabaya Rajapaksa was elected President in November, said there were payment arrears and a revenue shortfall in 2019.

“In addition, to account for foreign debt, we request 2,011 billion rupees in a supplementary estimate,” Rajapaksa said.

“High interest loans had been taken, and some foreign loans exceeded estimates, so they have still not been accounted,” he said.

In 2019 Sri Lanka raised extra foreign debt, under new debt management law to pay loans in 2020.

Sri Lanka had also slashed taxes in a so-called ‘stimulus’ for 2020 with value added taxes halved, some taxes abolished, the cost of which has been estimated at about 500 to 600 billion rupees for the full year according to government spokesmen.

Rajapaksa blamed the last administration for running large payment arrears for suppliers which he had to pay.

He said out of about 2,400 billion rupees in revenue targets for 2019, collections had reached about 1,600 billion rupees by November, which grew to about 1,800 billion rupees in December, causing a shortfall of about 600 billion rupees.

Rajapaksa said there were arrears suppliers for expenditure incurred in 2019 around 156 billion rupees.

He said the government owed 45.86 billion rupees to banks for an interest bonus given for senior citizens.

Another 25.7 billion rupees were owed to pharmaceutical suppliers for state hospitals.

Road development contractors were owed 18.45 billion rupees, urban development contractors were owed 6.66 billion rupees and construction of schools had a price tag of 2.8 billion rupees, Rajapaksa said.

Election related expenses were 1.2 billion rupees, with another 400 million rupees required for the 2020 general elections.

The government also owed 23.51 billion rupees for fertilizer suppliers, which has caused problems in providing the fertilizer subsidy, Rajapaksa said.

Military and other state-dependent institutions were owed 5.5 billion rupees.

Capital projects at provincial, district and local government levels required 3.9 billion rupees, while Northern rehabilitation and resettlement needed another 3.1 billion rupees, Rajapaksa said.

Higher education and water supply projects had 2 billion rupees in delays while irrigation and rural development contractors were owed 6.6 billion rupees.

Other delayed payments totalled 13.3 billion rupees, Prime Minister Rajapaksa said.(Colombo/Feb06/2020)

Sri Lanka’s government will present a supplementary estimate to increase spending by 156 billion rupees for 2020 and expand the debt ceiling, as provisioned finances had run out by November, the Prime Minister said.

“The provisions were not enough to repay expenditure in November and December, so funds required for functioning the vote on account for the first four months of 2020 could not be released,” Mahinda Rajapaksa said in parliament on Wednesday.

“In addition, to account for foreign debt, we request 2,011 billion rupees in a supplementary estimate,” he said.

“High interest loans had been taken, and some foreign loans exceeded estimates, so they have still not been accounted,” he said.

An Active Liability Management Act allows for the government to raise extra funds to repay maturing debt.

KavinduTM

KavinduTM
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Feb 06, Colombo: 


President Gotabhaya Rajapaksa says his government is committed to recover the country from the current abyss it is in without pointing fingers to the past for prevailing problems.


The President says he accepted the challenge of rebuilding the country with a keen understanding of the economic downturn.


The President made these comments addressing the Chairpersons and Board of Directors of several Plantation and Financial Institutions at the Presidential Secretariat today (06).


Addressing the gathering, the President said it is very important to immediately have people trained for jobs created in the current economy. “If so, we can go forward without facing the problems of the public service.”


The President further said that steps would be taken to change the education system to meet the demands of the job market. He said one of his primary objectives is to create an environment for the future generation to come out from the universities as graduates who can conquer the modern world.


President Rajapaksa noted that Asia is becoming the hub of the world economy.
“Asia is becoming the center of world economy. Many countries in Asia have also improved. We should make good use of this opportunity. It is not a difficult task to bring about change and take country forward. It's a challenge, but it can be done.
That’s why I try to recruit as many professionals as we can from the start. We hope that you will take up this challenge and accomplish it successfully,” the President said.



Secretary to the President, Dr. P. B. Jayasundara and senior adviser to the President Lalith Weeratunga also participated in this meeting.



Last edited by KavinduTM on Fri Feb 07, 2020 12:00 am; edited 1 time in total

69Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Thu Feb 06, 2020 11:59 pm

KavinduTM

KavinduTM
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Great  I love you

KavinduTM

KavinduTM
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

71Sri Lanka Economy - Page 4 Empty News - Srilanka on Sat Feb 08, 2020 12:39 pm

KavinduTM

KavinduTM
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
We can use this topic for all kinda news related economy,country or anything if it's a news.

Dear admin, Please move below topics here.

IMF projects...
President committed to recover...
Srilanka President gifts Ceylon tea..
Denmark's Orana to invest...

And there were more. Thanks Smile

72Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Sat Feb 08, 2020 12:44 pm

KavinduTM

KavinduTM
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
New EDB chief pledges assistance to revive tea exports


Feb 08, Colombo: 

Prabhash Subasinghe, Chairman of Sri Lanka’s Export Development Board (EDB), has pledged to take innovative measures to reinvigorate the sagging fortunes of the nation’s tea exports.

During his first meeting since assuming office with the tea industry stakeholders earlier this week, the EDB Chairman noting that Sri Lanka’s tea export earnings had remained stagnant over the last 4 to 5 years, has urged the industry leaders to think out of the box in order to reverse the sluggish export earnings the industry had earned during the recent past.

Subasinghe proposed to establish a National Advisory Committee for the tea industry with the participation of private and public industry partners under the coordination of the EDB to give a new impetus to the country’s premier agricultural export commodity.

Moreover, the chairman expressed his intention for the EDB to become a central facilitation point in linking various government agencies associated with cross border trade to support tea exporters while being mindful to liaise closely with the Sri Lanka Tea Board to avoid duplication of work.

“Tea export earnings are heavily reliant upon 4 or 5 countries, thus, it is imperative for the industry to diversify the market base of Ceylon Tea”, Subasinghe remarked.

During the meeting, industry representatives pointed out the counterfeit of Ceylon Tea and the Lion Logo in markets such as Iran and Turkey, supply constraints, the high cost of production, and deteriorating quality as the major challenges faced by the industry. They stated that Ceylon Tea prices are too high and the yields of growers are low as the island’s tea plantations are now very old with very limited replanting taking place.

Furthermore, the industry heads emphasized on the requirement of automating Colombo Tea Auction, developing a fully integrated laboratory, and obtaining Geographical Indication (GI) status in order to safeguard the image of Ceylon Tea in the world market. They urged the government to relax restrictions placed on the importation of tea grades which are not grown locally to overcome supply constraints while also highlighting the necessity to allow the import of herbs and spices such as turmeric and ginger to facilitate the production of value added tea.

Sharing his views, Jayantha Karunaratne, Chairman of Colombo Tea Traders Association suggested the EDB to emulate the mechanisms adopted by Japan External Trade Organization (JETRO) in aiding tea exporters and recommended that the Sri Lankan overseas missions should be more proactive in helping exporters to find new buyers and providing information on market changes and trends. He also requested to establish a coordination point to resolve the issues related to Customs, Inland Revenue Department, and Ports Authority at the EDB to assist tea exporters.

Meanwhile, bringing up the issue of payment difficulties faced by exporters related to exports to Iran, Mohamed Anverally, Chairman of Anverally & Sons (Pvt) Ltd, explained the need for the government to introduce a mechanism to ease the payment snags arising from the sanctions imposed by the US, as Iran is a vital market for Ceylon Tea. Industry representatives also sought the aid of the EDB in terms of conducting market research to enter new markets in Africa and Latin America.

The tea industry at the meeting was represented by the officials of the Sri Lanka Tea Board, the Tea Exporters’ Association, Akbar Brothers Pvt Ltd, Colombo Tea Traders Association, United Teas Pvt Ltd, Dilmah Ceylon Tea Company Plc, Anverally & Sons Pvt Ltd, George Steuart Teas Pvt Ltd, and Empire Teas Pvt Ltd.

73Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Sun Feb 09, 2020 9:53 am

Ekanayake90

Ekanayake90
Senior Equity Analytic
Senior Equity Analytic
Tax revisions expected to stay for next five years


The government's recent tax revisions will not be changed or revised for the next five years. The government is trying to pass all benefits to the public, said Secretary to the President Dr P.B Jayasundera recently.


This was revealed to the media by the Commissioner General, Department of Inland Revenue Nadun Guruge at a briefing held yesterday at the Inland Revenue Department head office. He announced the latest trade agreement between Sri Lanka and Turkey to eliminate double taxation with regard to taxes on income and the prevention of tax evasion and avoidance.


He said that Dr Jayasundera visited the Inland Revenue Department and gave the assurance that recent tax revisions will not be changed for the next five years and certain sectors that have not passed those benefits to the public, such as the bakery sector, will be taken into consideration. Sri Lanka and Turkey concluded the negotiations of the "Elimination of Double Taxation with respect to taxes on income and the prevention of tax evasion and avoidance" from 21st to 24th January 2020 in Ankara.


Under this agreement both countries could promote trade, investment and tourism with a single taxation. Therefore, Sri Lanka could penetrate Turkish export markets, especially tea and other commodities subjected to a single tax system, Guruge said.


Guruge said that Turkish businessmen interested in investing in Sri Lanka, will be given a boost. The Commissioner General of Inland Revenue, Sri Lanka and the Deputy Controller General of the Presidency of Turkish Revenue Administration initialled the agreement.

74Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Sun Feb 09, 2020 1:58 pm

Promoney


Manager - Equity Analytics
Manager - Equity Analytics
Sri Lanka Economy - Page 4 Screen85

75Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Mon Feb 10, 2020 5:11 pm

Ekanayake90

Ekanayake90
Senior Equity Analytic
Senior Equity Analytic
විදේශීය සමාගම් මෙරට ලියාපදිංචිය අත්හිටුවීමේ තීරණය හෙට දිනයේ ඉවත් කරන බව සමාගම් ලියාපදිංචි කිරීමේ සහකාර ලේඛකාධිකාරී කියයි
#lka #News1st

76Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Mon Feb 10, 2020 5:36 pm

Ekanayake90

Ekanayake90
Senior Equity Analytic
Senior Equity Analytic
Sri Lanka imports to fall in 2020, external account to improve: CB Governor
Monday February 10, 2020 17:16:04

ECONOMYNEXT – Sri Lanka will see a slow improvement in external accounts, trade deficit will continue to fall in 2020, and there will be no adverse development in foreign exchange reserves, Central Bank Governor W D Lakshaman said.

“The contraction in imports is likely to continue this year,” he told a business forum organized by Ceylon Chamber of Commerce in Colombo.

“The 2019 decline in the trade deficit is expected to continue in 2020.”

There will be ‘exchange rate stability at competitive levels,” he said.
Capital flows will also improve in 2020. There will more confidence in political stability among individuals and businesses he said.

“Foreign capital flows, portfolio and direct investment, are expected to grow with improving business confidence,” he said.

“The workers’ remittances, are expected to remain more or less stable without making significant gains.”

Sri Lanka economy will recover close to 4 percent in 2020, Lakshman said backed by improving business confidence, low and stable inflation. Sri Lanka has taken both fiscal and monetary measures to boost growth he said. (Colombo/Feb10/2020)

77Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Wed Feb 12, 2020 4:18 pm

Ekanayake90

Ekanayake90
Senior Equity Analytic
Senior Equity Analytic
ECONOMYNEXT- Sri Lanka’s industrial activitiy slowed in December from a month earlier, with a fall in apparel manufacturing, the state statistics office said.

The Index of Industrial Production (IIP) compiled by the Census and Statistics Department fell 0.2 percent to in December to 108.6 points.

An index value of over 100 denotes growth from 2015, the IIP’s base year.

In the past, the IIP has marginally grown in December.

The fall came mainly due to a 9.8 percent fall in apparel manufacturing, which is Sri Lanka’s leading export.

The apparel industry contributes to a fifth of the industrial production, which is the second highest in the country.

Apparel exports had fallen 1.7 percent in December. The Sri Lanka Apparel Exporters Association had said exports would face a downturn till April, especially due to Brexit.

Food manufacturing, which is the largest industrial segment comprising a third of the total, grew 7.2 percent during December, amid Christmas holidays.

Non-metallic minerals and refined petroleum production, each of which contribute 7-8 percent to industrial activity, grew 1.8 percent and 20.4 percent respectively.

Refined petroleum production recorded the highest growth during the month.

Rubber and plastic making, which is the fifth largest industrial segment, grew 1.1 percent.

The highest fall in December were from textile manufacturing, down 33.9 percent and pharmaceutical production, down 32.5 percent.

Meanwhile, the IIP for the fourth quarter of 2019 grew 0.7 percent to 109.8 points from a year earlier with higher food production. (Colombo/Feb12/2020)

78Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Thu Feb 13, 2020 9:33 am

Ekanayake90

Ekanayake90
Senior Equity Analytic
Senior Equity Analytic
"Sri Lanka tax revenues, economy to pick up from second half of 2020: Treasury Secy"

ECONOMYNEXT – Sri Lanka’s state revenues will pick up in the second half of 2020, as tax cuts and lower interest rates expand disposable incomes, investment and economic activity, Treasury Secretary S R Attygalle has said.

“While there could be an initial decrease in on government incomes it is expected that incomes will pick up in especially for the second half of 2020,” Attygalle told member of Sri Lanka’s Exporters Association Wednesday night.

“Clearly there many ways of reviving economies but no economy has revived with high tax rates in times of trouble.

“In fact high tax rates get economies into trouble. Hence the tax reforms announced in December 2019 was aimed at simplifying the tax system increase the disposable income of tax payers and thereby stimulating growth.”

He said estimates of tax losses made by some were overblown because economies were dynamic and not static.

“I believe that there are people who believe ceteris paribus (all other conditions remaining the same) actually exists,” he quipped.

Rate cuts and falling interest rates will also help drive economic activity. Stronger growth will in turn help reduce bad loans at banks, he said.

This year the Maha rice harvest is also expected to be strong, which will help incomes of the rural economy.

In 2019, economic growth is expected to have fallen to 2.6 percent of gross domestic product by the International Monetary Fund, which is projecting a revival to 3.7 percent.

Deficit

Attygalle said the government had already undertaken “significant expenditure rationalization” no new office space had been rented, no vehicles bought. Cost cutting measures will be monitored during the year, he said.

In 2020 the overall budget deficit is expected to be around 7.5 percent of gross domestic product, he said.

The deficit will in part be driven by 200 billion rupees of unpaid bill and unaccounted expense from last year, which will be paid in 2020, he said.

“And when such bills are paid and accounted for in 2020 the budget deficit which was to be around 5 percent this year will now increase to almost 7.5 percent,” he said.

The IMF said tax cuts and arrears from 2019 could drive the deficit to 7.9 percent of GDP.

2019 revenues are estimated to be around 1,800 billion rupees, he said from an initial estimate of around 2,400 trillion.

The IMF revised down the revenue for 2019 to 1,975 billion rupees in a November review after a soft-peg of the rupee with the US dollar collapsed from 153 to 182 to the US dollar in 2018 amid liquidity injections.

Currency collapse and corrective measures lead to output shocks and revenue shortfalls and credit contracts.

State owned enterprises have been told to ‘clean up their act’ he said, with significant improvements in the quality of their board of directors, though not perfect.

Performance indicators and a code of conduct were being devised for SOEs. (Colombo/Feb13/2020)

79Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Thu Feb 13, 2020 12:37 pm

KavinduTM

KavinduTM
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Ekanayake90 wrote:"Sri Lanka tax revenues, economy to pick up from second half of 2020: Treasury Secy"

ECONOMYNEXT – Sri Lanka’s state revenues will pick up in the second half of 2020, as tax cuts and lower interest rates expand disposable incomes, investment and economic activity, Treasury Secretary S R Attygalle has said.

“While there could be an initial decrease in on government incomes it is expected that incomes will pick up in especially for the second half of 2020,” Attygalle told member of Sri Lanka’s Exporters Association Wednesday night.

“Clearly there many ways of reviving economies but no economy has revived with high tax rates in times of trouble.

“In fact high tax rates get economies into trouble. Hence the tax reforms announced in December 2019 was aimed at simplifying the tax system increase the disposable income of tax payers and thereby stimulating growth.”

He said estimates of tax losses made by some were overblown because economies were dynamic and not static.

“I believe that there are people who believe ceteris paribus (all other conditions remaining the same) actually exists,” he quipped.

Rate cuts and falling interest rates will also help drive economic activity. Stronger growth will in turn help reduce bad loans at banks, he said.

This year the Maha rice harvest is also expected to be strong, which will help incomes of the rural economy.

In 2019, economic growth is expected to have fallen to 2.6 percent of gross domestic product by the International Monetary Fund, which is projecting a revival to 3.7 percent.

Deficit

Attygalle said the government had already undertaken “significant expenditure rationalization” no new office space had been rented, no vehicles bought. Cost cutting measures will be monitored during the year, he said.

In 2020 the overall budget deficit is expected to be around 7.5 percent of gross domestic product, he said.

The deficit will in part be driven by 200 billion rupees of unpaid bill and unaccounted expense from last year, which will be paid in 2020, he said.

“And when such bills are paid and accounted for in 2020 the budget deficit which was to be around 5 percent this year will now increase to almost 7.5 percent,” he said.

The IMF said tax cuts and arrears from 2019 could drive the deficit to 7.9 percent of GDP.

2019 revenues are estimated to be around 1,800 billion rupees, he said from an initial estimate of around 2,400 trillion.

The IMF revised down the revenue for 2019 to 1,975 billion rupees in a November review after a soft-peg of the rupee with the US dollar collapsed from 153 to 182 to the US dollar in 2018 amid liquidity injections.

Currency collapse and corrective measures lead to output shocks and revenue shortfalls and credit contracts.

State owned enterprises have been told to ‘clean up their act’ he said, with significant improvements in the quality of their board of directors, though not perfect.

Performance indicators and a code of conduct were being devised for SOEs. (Colombo/Feb13/2020)

Good vision. Country is on the correct track

80Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Thu Feb 13, 2020 2:52 pm

Ekanayake90

Ekanayake90
Senior Equity Analytic
Senior Equity Analytic
@KavinduTM wrote:
@Ekanayake90 wrote:"Sri Lanka tax revenues, economy to pick up from second half of 2020: Treasury Secy"

ECONOMYNEXT – Sri Lanka’s state revenues will pick up in the second half of 2020, as tax cuts and lower interest rates expand disposable incomes, investment and economic activity, Treasury Secretary S R Attygalle has said.

“While there could be an initial decrease in on government incomes it is expected that incomes will pick up in especially for the second half of 2020,” Attygalle told member of Sri Lanka’s Exporters Association Wednesday night.

“Clearly there many ways of reviving economies but no economy has revived with high tax rates in times of trouble.

“In fact high tax rates get economies into trouble. Hence the tax reforms announced in December 2019 was aimed at simplifying the tax system increase the disposable income of tax payers and thereby stimulating growth.”

He said estimates of tax losses made by some were overblown because economies were dynamic and not static.

“I believe that there are people who believe ceteris paribus (all other conditions remaining the same) actually exists,” he quipped.

Rate cuts and falling interest rates will also help drive economic activity. Stronger growth will in turn help reduce bad loans at banks, he said.

This year the Maha rice harvest is also expected to be strong, which will help incomes of the rural economy.

In 2019, economic growth is expected to have fallen to 2.6 percent of gross domestic product by the International Monetary Fund, which is projecting a revival to 3.7 percent.

Deficit

Attygalle said the government had already undertaken “significant expenditure rationalization” no new office space had been rented, no vehicles bought. Cost cutting measures will be monitored during the year, he said.

In 2020 the overall budget deficit is expected to be around 7.5 percent of gross domestic product, he said.

The deficit will in part be driven by 200 billion rupees of unpaid bill and unaccounted expense from last year, which will be paid in 2020, he said.

“And when such bills are paid and accounted for in 2020 the budget deficit which was to be around 5 percent this year will now increase to almost 7.5 percent,” he said.

The IMF said tax cuts and arrears from 2019 could drive the deficit to 7.9 percent of GDP.

2019 revenues are estimated to be around 1,800 billion rupees, he said from an initial estimate of around 2,400 trillion.

The IMF revised down the revenue for 2019 to 1,975 billion rupees in a November review after a soft-peg of the rupee with the US dollar collapsed from 153 to 182 to the US dollar in 2018 amid liquidity injections.

Currency collapse and corrective measures lead to output shocks and revenue shortfalls and credit contracts.

State owned enterprises have been told to ‘clean up their act’ he said, with significant improvements in the quality of their board of directors, though not perfect.

Performance indicators and a code of conduct were being devised for SOEs. (Colombo/Feb13/2020)

Good vision. Country is on the correct track
Indeed Smile

81Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Thu Feb 13, 2020 2:52 pm

Ekanayake90

Ekanayake90
Senior Equity Analytic
Senior Equity Analytic
ECONOMYNEXT – Sri Lanka’s personal income tax payers will get relief up to 1.2 million rupees a year for investments in stocks and securities, housing interest, pension contributions, medical insurance and children’s education incurred within the country, the revenue office has said.

Resident tax-payers and citizens abroad are also getting 3.0 million rupees of relief of tax relief on all earnings, as part of tax cuts announced in December 2019, a notice by Sri Lanka’s Inland Revenue Department said.

Individuals will be taxed at 6 percent for the next 3.0 million rupees, 12 percent for the next 3.0 million and 18 percent on the balance.

Interest on foreign currency deposits will also be exempt from tax.

A notice by Sri Lanka’s Inland Revenue Department said terminal pension and gratuity payments up to 10 million rupees will be free from tax. The next 10 million rupees will be taxed at 6 percent, and the balance 12 percent.

Withholding tax and Pay-As-You-Earn (PAYE) on salaries, dividends, interest, discount, natural resource payment, rent, royalty, premium or retirement payment has is no longer subject to withholding tax.

But they will have to open an income tax file and report incomes quarterly.

“Those who have not registered for tax are required to register with IRD for this purpose,” the tax office said. (Colombo/Feb13/2020)

82Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Thu Feb 13, 2020 8:52 pm

Ekanayake90

Ekanayake90
Senior Equity Analytic
Senior Equity Analytic
@Ekanayake90 wrote:ECONOMYNEXT- Sri Lanka’s industrial activitiy slowed in December from a month earlier, with a fall in apparel manufacturing, the state statistics office said.

The Index of Industrial Production (IIP) compiled by the Census and Statistics Department fell 0.2 percent to in December to 108.6 points.

An index value of over 100 denotes growth from 2015, the IIP’s base year.

In the past, the IIP has marginally grown in December.

The fall came mainly due to a 9.8 percent fall in apparel manufacturing, which is Sri Lanka’s leading export.

The apparel industry contributes to a fifth of the industrial production, which is the second highest in the country.

Apparel exports had fallen 1.7 percent in December. The Sri Lanka Apparel Exporters Association had said exports would face a downturn till April, especially due to Brexit.

Food manufacturing, which is the largest industrial segment comprising a third of the total, grew 7.2 percent during December, amid Christmas holidays.

Non-metallic minerals and refined petroleum production, each of which contribute 7-8 percent to industrial activity, grew 1.8 percent and 20.4 percent respectively.

Refined petroleum production recorded the highest growth during the month.

Rubber and plastic making, which is the fifth largest industrial segment, grew 1.1 percent.

The highest fall in December were from textile manufacturing, down 33.9 percent and pharmaceutical production, down 32.5 percent.

Meanwhile, the IIP for the fourth quarter of 2019 grew 0.7 percent to 109.8 points from a year earlier with higher food production. (Colombo/Feb12/2020)

Non-metallic minerals and refined petroleum production, each of which contribute 7-8 percent to industrial activity, grew 1.8 percent and 20.4 percent respectively.

Refined petroleum production recorded the highest growth during the month.[/font]


"LLUB" ✨

83Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Wed Feb 19, 2020 10:09 am

Ekanayake90

Ekanayake90
Senior Equity Analytic
Senior Equity Analytic
Minor impact on SL as Moody’s retain growth forecast
Wednesday, 19 February 2020 02:06


Moody’s forecast coronavirus to have a minor impact on Sri Lankan economy and that is too only in 2020.Nevertheless Moody’s has retained 3.3% GDP growth forecast for 2020 unchanged whilst for 2021 it is 4.4%. For the Maldives growth forecast has been downgraded to 5.6% whilst retaining 6% forecast next year.

84Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Wed Feb 19, 2020 10:57 am

Teller

Teller
Moderator
Moderator
Invest in Export oriented businesses. Today also rupee down. Im sure it will surpass 190/-, in such situation additional 10% margin for export companies


_________________




Teller said is said..

85Sri Lanka Economy - Page 4 Empty Re: Sri Lanka Economy on Wed Feb 19, 2020 10:58 am

Promoney


Manager - Equity Analytics
Manager - Equity Analytics
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