China’s Sinopec awarded Sri Lanka refinery bid

 

Sri Lanka to hike VAT to 18-pct from Jan 2024

Screen shot News First TV

Tuesday October 31, 2023 ECONOMYNEXT 

Sri Lanka’s cabinet of ministers had approved hiking value added tax to 18 percent to increase revenue and meet International Monetary Fund targets, Minister Bandula Gunawardana said.

Though tax revenues were up 51 percent to September, it was not enough to meet IMF targets, he said.

Sri Lanka will also remove exemptions of some taxes.

President Ranil Wickremesinghe had also informed cabinet that salaries of state workers would have to be raised.

The quantum of salary hikes will be decided after calculation on taxes are made and will be announced in a budget for 2024 he said.

Sri Lanka is to present a budget for 2024, on November 13. 

Indian Finance Minister to visit Sri Lanka on three-day official visit

Indian Finance Minister Nirmala Sitharaman

• She Will deliver the Keynote Address at the ‘NAAM 200’
• will also deliver the Keynote Address at the India Sri Lanka Business Summit
• She will have call-on meetings with President Ranil Wickremesinghe and Prime Minister Dinesh Gunawardena.
• Memorandum of Understanding for Solar Electrification of Religious Places in Sri Lanka 
•  Inaugurate two State Bank of India Branches at Trincomalee and Jaffna.
•  Visit Lanka IOC Oil Tank Farms, Jaffna Cultural Centre and Jaffna Public Library also Buddhist and Hindu Temples

Indian Finance Minister to visit Sri Lanka on three-day official visit

Tuesday October 31, 2023 ECONOMYNEXT – 

Indian Finance Minister Nirmala Sitharaman will arrive in Sri Lanka on a three-day official visit on November 1, the Press Information Bureau of the Indian government said on Tuesday.

The Minister during the visit will deliver the Keynote Address at the ‘NAAM 200’ organized by the Sri Lankan Government on Thursday to commemorate the 200th anniversary of arrival of India-origin Tamils (IOTs) to Sri Lanka.

On the same day, the Minister will also deliver the Keynote Address at the India Sri Lanka Business Summit on the theme ‘Enhancing Connectivity: Partnering for Prosperity’, on Commerce & Industry.

She will have call-on meetings with President Ranil Wickremesinghe and Prime Minister Dinesh Gunawardena.

She is also scheduled to witness the exchange of the Memorandum of Understanding for Solar Electrification of Religious Places in Sri Lanka wherein India will allocate 824 million Indian rupees crores out of the Indian grant assistance of 1.07 billion earmarked for the promotion of Buddhist ties.

She will also inaugurate two State Bank of India Branches at Trincomalee and Jaffna.

She is scheduled to visit the Temple of the Sacred Tooth Relic in Kandy, Jaya Sri Maha Bodhi in Anuradhapura, Thirukoneswaram Temple in Trincomalee and Nallur Kandaswamy Temple in Jaffna during her visit to Sri Lanka.

Seetharaman is also slated to visit Lanka IOC Oil Tank Farms, Jaffna Cultural Centre and Jaffna Public Library during her visit. (Colombo/Oct 31/2023)