The Investor Sentiment - Equity and investments forum for Sri Lankans
Search
 
 

Display results as :
 


Rechercher Advanced Search

Latest topics
» Thread for News on International Markets
Today at 11:21 am by The Invisible

» Thread for News on Local and Foreign Politics
Today at 11:20 am by The Invisible

» Thread for News on CSE and SL Economy
Today at 11:19 am by The Invisible

» අනං මනං! #/+?.<>
Yesterday at 11:19 am by lanka

»  Rajgama heroes !
Yesterday at 9:43 am by කිත්සිරි ද සිල්වා

» BFN - Orient Finance
Fri Dec 07, 2018 6:05 pm by nihal123

» BOPL.N0000 (Bogawantalawa Tea Estates PLC)
Fri Dec 07, 2018 7:35 am by The Invisible

» බඩගිනී
Thu Dec 06, 2018 5:34 pm by PANTOMATH

» Sri Lanka economic slowdown trims company profits, bank earnings grow
Thu Dec 06, 2018 3:04 pm by nihal123

» JINS.N0000 ( Janashakthi Insurance PLC)
Thu Dec 06, 2018 10:05 am by The Invisible

» Better Than Bitcoin
Thu Dec 06, 2018 9:42 am by කිත්සිරි ද සිල්වා

» AAIC.N0000
Thu Dec 06, 2018 8:19 am by serene

» CFVF - First Capital
Wed Dec 05, 2018 1:39 pm by The Invisible

» Hutchison, Etisalat complete mobile networks merger in Sri Lanka
Wed Dec 05, 2018 9:30 am by The Invisible

» Oil prices surge more than 5-pct
Mon Dec 03, 2018 1:53 pm by Ethical Trader

» Dividend Announcement
Mon Dec 03, 2018 11:50 am by lanka

» Trading Journal
Mon Dec 03, 2018 11:33 am by lanka

» CCS.N0000 ( Ceylon Cold Stores)
Mon Dec 03, 2018 10:03 am by The Invisible

» HAYC - Haycarb
Sun Dec 02, 2018 3:04 pm by xmart

» In the Meantime, Within Our Shores !
Sat Dec 01, 2018 4:36 pm by කිත්සිරි ද සිල්වා

» LGL Laugfs Gas
Fri Nov 30, 2018 9:43 am by The Invisible

» Oil prices gain as investors eye Fed relief on interest rates
Fri Nov 30, 2018 9:41 am by The Invisible

» ලැයිස්තුගත සමාගම් 8 ක් කොටස් ගනුදෙනු තහනම් වීමේ අවදානමක
Thu Nov 29, 2018 11:34 am by nihal123

» අපි තනිකර ලෝකය දිව යන්නේ
Thu Nov 29, 2018 11:32 am by කිත්සිරි ද සිල්වා

» NDB.N0000 (NATIONAL DEVELOPMENT BANK PLC)
Thu Nov 29, 2018 10:32 am by The Invisible

» Orient Finance PLC--(Share_Valuation_Report)
Thu Nov 29, 2018 7:17 am by yellow knife

» කිඹුලා
Mon Nov 26, 2018 7:20 am by Lalinda

» Sandos' Vs Creators'
Sun Nov 25, 2018 1:17 pm by කිත්සිරි ද සිල්වා

» Tourists Arrival
Sat Nov 24, 2018 10:07 am by කිත්සිරි ද සිල්වා

» බිරිඳ
Fri Nov 23, 2018 11:49 am by Ethical Trader

» ගෙයක් හදන්නද ඉන්නේ
Fri Nov 23, 2018 5:55 am by Brave Heart

» --- සමෝසා වෙළෙන්දා -------
Fri Nov 23, 2018 5:51 am by Brave Heart

» විකුණුම්කරු
Sun Nov 18, 2018 2:10 pm by Ethical Trader

» Real Estate Market in Sri Lanka- A booming Industry or a Bubble?
Sun Nov 18, 2018 12:00 am by xmart

» Will YOU VOTE for ME if I run for SL PRESIDENCY?
Sat Nov 17, 2018 11:43 am by CK

» *කොට්ටේ තරණය කිරීම*
Fri Nov 16, 2018 6:25 pm by Ethical Trader

» COMB.N0000 ( COMMERCIAL BANK OF CEYLON PLC )
Wed Nov 14, 2018 9:20 pm by pjrngroup

» DIPD.N0000 (Dipped Products)
Wed Nov 14, 2018 7:18 am by The Invisible

» SAMP.N0000 (SAMPATH BANK PLC)
Wed Nov 14, 2018 7:16 am by The Invisible

» TAFL - Three Acre Farms
Wed Nov 14, 2018 7:14 am by The Invisible

» RCL - Royal Ceramics
Wed Nov 14, 2018 7:12 am by The Invisible

» HAYL.N0000 Hayleys PLC
Wed Nov 14, 2018 7:08 am by The Invisible

» How to trade Stock profitably?
Tue Nov 13, 2018 11:55 am by indramal

» What are investing methods in Sri Lanka?
Tue Nov 13, 2018 6:39 am by indramal

» Thread for General News Local/Foreign
Mon Nov 12, 2018 7:57 am by serene

» Anybody invest New York or Landon Stock Exchange?
Sat Nov 10, 2018 8:53 am by කිත්සිරි ද සිල්වා

» JKH.N0000
Fri Nov 09, 2018 10:49 am by ruwan326

» WATA - Watawala
Fri Nov 09, 2018 10:22 am by The Invisible

» Asian markets rally as investors see positive in US gridlock
Fri Nov 09, 2018 8:02 am by serene

» CSE RISE , RIDING ETHICALLY
Wed Nov 07, 2018 5:53 am by pjrngroup

December 2018
SunMonTueWedThuFriSat
      1
2345678
9101112131415
16171819202122
23242526272829
3031     

Calendar Calendar

Disclaimer


Information posted in this forum are entirely of the respective members' personal views. The views posted on this open online forum of contributors do not constitute a recommendation buy or sell. The site nor the connected parties will be responsible for the posts posted on the forum and will take best possible action to remove any unlawful or inappropriate posts.
All rights to articles of value authored by members posted on the forum belong to the respective authors. Re-using without the consent of the authors is prohibited. Due credit with links to original source should be given when quoting content from the forum.
This is an educational portal and not one that gives recommendations. Please obtain investment advises from a Registered Investment Advisor through a stock broker

Sri Lanka needs more taxes to cover SOE losses,

Go down

Sri Lanka needs more taxes to cover SOE losses,

Post by Backstage on Fri Dec 08, 2017 11:31 am

Sri Lanka needs more taxes to cover SOE losses, energy pricing to help: IMF
Dec 08, 2017

ECONOMYNEXT - Sri Lanka is on track to collect more taxes from a new income tax law, but losses at state enterprises and debt servicing requires even better budgets, the International Monetary Fund has said.

"…Sri Lanka’s high debt burden, large gross financing needs, and weak financial performance of state-owned enterprises increases the importance of further fiscal consolidation.," IMF Deputy Managing Director, Mitsuhiro Furusawa said after approving a 251.4 million US dollar (SDR 177.774 million tranche payment under a three year program.

Sri Lanka's state-run Ceylon Electricity Board and Ceylon Petroleum Corporation is mis-used by the elected ruling class to give off-budget bank-financed subsidies which de-stabilizes the credit system.

Under the IMF program, market pricing of both fuel and electricity was to be have been original done before December 2016, but has been delayed to next year.

"Timely progress in structural reforms, including tax administration and energy pricing, will support fiscal consolidation," Furusawa said.

At the moment, CPC is running losses selling petrol, diesel and particularly kerosene. There are however excise taxes on petrol and some on diesel.

Cheap kerosene is encouraging distributors - especially those run by corrupt co-operative societies - to mix with petrol.

CPC is however selling furnace oil at a higher margin, which however may be hurting industries and the Ceylon Electricity Board.

The current administration has also suspended a court directed price formula for LP gas, generating financial volatility at Litro Gas, a state firm and Laugfs, a private listed business group, which has a distribution duopoly.

The administration has also failed to privatize SriLankan Airlines which has continued to run losses. A hole in SriLankan's balance sheet expanded to 107 billion rupees in the year to March 2016, up from 80.4 billion rupees a year earlier.
A hole in the balance sheet has grown to 67.7 billion rupees by 2016, up 4.01 billion rupees from 2015, a report by the Public Enterprise Department of the Finance Ministry showed.

Sri Lanka Transport Board, a state bus service has guzzled 41 billion rupees in two years. A revamped income tax law under the IMFis only expected to bring an additional 25 billion rupees a year. (Colombo/Dec08/2017)
avatar
Backstage
Top contributor
Top contributor

Posts : 3312
Join date : 2014-02-24

Back to top Go down

Re: Sri Lanka needs more taxes to cover SOE losses,

Post by Ethical Trader on Fri Dec 08, 2017 12:04 pm

Thanks Back.
avatar
Ethical Trader
Top contributor
Top contributor

Posts : 4643
Join date : 2014-02-28

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum