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Fish export ban :
Rs. 23b annual loss:
EU to decide by January
Sri Lanka has lost considerable revenue on the
export of fisheries products over the past few years due to the EU
imposed ban. Sri Lanka’s fish exports to the European Union make up
68 percent of its total fish exports, which brings in Rs. 23 billion
annually.
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Budget 2016:
Experts caution against expanding public debt
University dons dubbed the 2016 Budget as one
that encourages people to live beyond their means given the huge
fiscal deficit that needs to be bridged due to an enormously
expanded public debt burden which will be passed on to the people
through taxes to service loans.
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Increase in export income tax, a disincentive
Apparel exporters express mixed reactions:
The revision of port and air port levy (PAL)
from 5.0 percent to 7.5 percent and Nation Building Tax (NBT) from
two to four percent will have a serious impact on the capital
investment program. The industry continues to invest in high value
automation and technology and upfront tax on capital formation is a
disincentive for future growth of the industry,
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Over Rs. 80m lost on car permits for public servants and MPs
- Ravi
The increased tax on vehicles and emissions tax
on vehicles will only affect about 2% of Sri Lankans and a decision
was taken to curtail the import bill, Minister of Finance, Finance
Ravi Karunanayake told the CIMA Budget Highlights Forum at the
Kingsbury on Friday.
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Hutch buy-up - Mobitel denies terms
Mobile phone operator Mobitel has denied recent
reports (not in this newspaper) about its attempt to buy struggling
rival operator Hutch. A Mobitel media statement acknowledges that
the company hopes to buy another phone company but said that no
plans have been ‘finalised’.The media statement, which does not
mention Hutch,
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