War crimes lawyers seek arrest of Sri Lankan president in Oxford - The Guardian

Lawyers working for Tamil activists are attempting to obtain a war crimes arrest warrant against Sri Lanka's president and senior member of his entourage who have arrived in Britain.
Mahinda Rajapaksa, whose government defeated the separatist Tamil Tigers last year amid humanitarian protests about the treatment of civilians trapped in the war zone, is due to speak at the Oxford Union on Thursday.

After no-arrest assurance, Lanka prez arrives in UK - Times of India

LONDON: After calling off his trip a month ago, Sri Lankan president Mahinda Rajapaksa is now visiting London on an assurance that he will get diplomatic protection against any attempt to arrest him under the "principle of universal jurisdiction" which applies in respect of war crimes and human rights violations.

UAE rugby team create history in Sri Lanka

UAE rugby team showed plenty of spirit on their international debut at a tournament in Sri Lanka. (SUPPLIED)

The UAE national rugby sevens team surprised many pundits of the game on their international debut by claiming the scalp of Chinese Taipei and going down in the Shield final to hosts of the Sri Lanka Sevens tournament.

Sri Lanka exports up 16.7-pct in September, trade gap widens

Dec 01, 2010 (LBO) - Sri Lanka's exports rose 16.7 percent to 662.9 million US dollars in September 2010, helped by higher commodity prices and a surge in apparel exports while imports grew at a faster 35.9 percent widening the trade gap, Central Bank data showed.

Rain delays start of 3rd Sri Lanka-Windies test

(Reuters) - Rain delayed the start of the third and final test between Sri Lanka and West Indies at Pallakele on Wednesday.
The first two tests of the three-match series ended drawn. Reuters India

MR to meet UK Defense Secretary

President Mahinda Rajapakse is scheduled to meet the Secretary of State for Defense of the British government, Liam Fox and other high ranking officials during his UK visit, Presidential sources told Daily Mirror online

Attorneys take to the streets - ( Photos )

DNA Parliamentarian Arjuna Ranatunga, UNP MPs Buddhika Pathirana, Sajith Premadasa and several others joined a demonstration held in front of the Colombo Fort Magistrate court today (November 30).

Sri Lanka Hires Public Relations Firm For 2018 Commonwealth Bid - GamesBids.com

Sri Lanka issued a statement saying it has hired a public relations firm to advise in its bid to host the 2018 Commonwealth Games in southern Hambantota.
The public relations firm of Bell Pottinger and other units of Chime Communications marketing group will act as advisers to Sri Lanka's bid.

President leaves for home after Sril Lanka's bilateral visit - Associated Press of Pakistan

COLOMBO, Nov 30 (APP): President Asif Ali Zardari left here for home on Tuesday at the end of a four-day state visit that is being seen as having far-reaching impact on Pak-Lanka bilateral ties. The President was seen off at the Bandranaike International Airport by Sri Lankan Prime Minister D.M.Jayartne, ministers and other dignitaries.

President Thwarts The Diaspora Protest

200 Protestors at Heathrow miss the Presidential entourage
President Mahinda Rajapaksa arrived at London Heathrow Airport approximately two hours later than scheduled and dissappointed a number of LTTE-supporters who had gathered to protest.
The waiting protestors – numbering about 200 people – laid in wait for the Sri Lankan presidential entourage in the arrivals hall at Terminal 4 Heathrow. The President and his entourage were of course afforded VIP treatment as befits a Head of State and exited away from the hustle and bustle.

Pakistan's president seeks barter trade with Sri Lanka - AFP

COLOMBO — Pakistani President Asif Ali Zardari called for a barter agreement with Sri Lanka on Monday to boost trade between the two countries and sought expertise from the island in battling "terrorism".
Zardari, on a visit to the island, told legislators that they should switch to exchanging their goods and services rather than depend on dollar-denominated import-export trade that drew on foreign reserves.
"If you have anything in abundance we can trade (with that)," Zardari told the Sri Lanka-Pakistan parliamentary friendship association. "We have an abundance of cement, you have tea and other commodities that we can exchange."

Qureshi visits Buddhist temple in Sri Lanka - Daily Times

COLOMBO: Foreign Minister Shah Mehmood Qureshi visited the Sri Dalada Maligawa temple on Monday and said Pakistan takes pride in sharing the Buddhist heritage with Sri Lanka.

US wanted to know UN position on Sri Lanka: Wikileaks

 The United States wanted its diplomats at the UN headquarters to find what the global agency was thinking about the human rights situation in Sri Lanka, new documents released by the whistle blowing website Wikileaks have revealed. Some of the cables released by the website pertain to queries made

by the US state department about what the UN was doing about human rights violation and war crimes in countries like Sierra Leone and Rwanda.

Sri Lanka Cricket’s hypocrisy exposed

Sri Lankan cricket selectors, no matter who gets in there, have done it again. They picked a band of ageing horses like they always did, this time for the Asian Games that concluded in China yesterday. The result, not even a bronze medal won.

Terrorist arrested for Sri Lankan team attack - Hindustan times

Indo-Asian News ServiceLahore, November 30, 2010
A key terror suspect has been arrested for his involvement in the March 2009 brazen attack on the Sri Lankan cricket team in Lahore that left six players injured and six escorting policemen dead. Express Tribune on Tuesday quoted police officials as confirming the arrest of Qari Abdul

Wahab, alias Umar alias Farhan alias Behram alias Umar Daraz, son of Akbar.

Take Pakistan as example : Ranil

While making a fresh appeal to release former Army commander Sarath Fonseka, Opposition leader Ranil Wickremesinghe said in Parliament this monring that Pakistan should be taken as an example and all political prisoners in Sri Lanka should be released. (KB/YP)   Source by: daily mirror

17 students injured in accident ( Photos )

At least seventeen school children were injured when the school bus they were travelling in fell into a slope in Karawila in the Ella- Badalkumbura main road this morning, police said.The injured students were admitted to the Badalkumbura and Sirigala Hospitals. All of them have received minor injuries according to hospital authorities. (Prassana Padmasiri)

Lahore attack suspect nabbed

Pakistani police on Monday claimed to have arrested an activist of the banned Lashkar-e-Jhangvi on suspicion of involvement in a terrorist attack on the Sri Lankan cricket team in March last year.
 Superintendent of Police Omar Virk said that the Crime Investigation Agency had arrested the suspect identified as Qari Omar Arbab in Lahore."The suspect belongs to the Lashkar-e-Jhangvi and works for the Tehrik-e-Taliban Pakistan. Explosive materials were recovered from him," Virk said.

Massive stock of gold seized

Airport Customs seized a stock of gold worth around Rs.27 million and also foreign currency worth nearly Rs.30 million this morning. A foreigner and two others were taken into custody for allegedly attempting to smuggle the seized items on a flight bound to Dubai, Airport Customs Director Parakrama Basnayake said.

India opens consulate in Jaffna, launches Northern Railway line

Pushing for national reconciliation in Sri Lanka, India on Saturday opened its consulate in Jaffna, the Tamil heartland, and inaugurated the Northern Railway lines for which New Delhi has pledged a $800-million credit that will spur the reconstruction of the war-ravaged northern region.

SL-Pak to increase military ties

Sri Lanka and Pakistan said today that both countries stand to benefit more from increased military exchanges and training at a regular pace.

“Both countries stand to benefit more from increased military exchanges and training at a regular pace, besides sharing of counter-terrorism measures and sharing of experiences,” the APP said after the meeting between visiting President Asif Ali Zardari and Prime Minister D M Jayaratne today in Colombo.

The two leaders also discussed ways to further strengthen ties between the two countries with a focus on exploring new avenues of cooperation. Source by: daily mirror

Warm welcome for Zardari in Colombo - The Hindu

Sri Lankan President Mahinda Rajapaksa greets Pakistani President Asif Ali Zardari in Colombo on Saturday. 

Pakistan President Asif Ali Zardari arrived here on Saturday on a four-day state visit at the invitation of Sri Lankan President Mahinda Rajapaksa. 

Invest in Hambantota; Krishna

Visiting Indian External Affairs Minister S.M. Krishna said today that his government would encourage India’s private sector to take advantage of the industrial and commercial potential in and around Hambantota.

Sri Lanka defeat Malaysia

Host Sri Lanka defeated Malaysia 31- 7 in shield semis of the Carlton Internatioanl Rugby 7s at Sugathadasa Stadium. Scorers were Radika Hettiarachchi one try, Srinath Sooryabandara and Chanaka Chandimal two tries each. Radika conversted 2 and Dilan converted one. Will meet the UAE in Shield finals at 4.50pm today.

Prabhakaran alive and safe, claimes Vaiko

CHENNAI: MDMK leader and pro-Eelam supporter Vaiko on Saturday once again claimed that LTTE chief V Prabakaran was ‘alive and is in safe house’ and would emerge at an appropriate time.

Addressing a gathering in the city as part of the November 27 Maaveerar Day celebrations, Vaiko said, “Don’t bother about rumours floating on the internet… it’s a conspiracy against us. Prabhakaran is safe and in hiding for security.”

Vaiko also said that the claims on rehabilitation of Lankan Tamils displaced during the ethnic war by Sri Lankan President Mahinda Rajapaksa, Union External Affairs Minister S M Krishna and Chief Minister M Karunanidhi was a farce.

He also demanded the immediate dismantling of military camps from Tamil territory to ensure safety of innocent Tamil men and women in the island nation. – (Express News Service)

50 more porn videos, 8 porn actors identified - Police

  The Police Children & Women Bureau says that another 50 pornographic videos have been identified, which have been produced illicitly using young Sri Lankan males and females.

53,407 affected by floods, risk of landslides if rain cont.

  53,407 persons belonging to 13,520 families are facing distress due to heavy rain and flooding affecting several Districts in the island. It has been reported that two people have died while another five have been seriously injured due to the severe weather conditions in the past few days.

Belgian Business Delegation Explores Investment Opportunities in Sri Lanka

A Belgian delegation of representatives from 40 companies visited Sri Lanka for Belgian Week 2010 held Nov. 22-26 to explore economic and investment possibilities in Sri Lanka.

“This trade mission comes at a most opportune moment,” said Jean Deboutte, Belgium ambassador to Sri Lanka. “After a long war, Sri Lanka is embarking on a new phase of its economic development, whereas the Belgian economy is in an expansion phase, after the global economic slowdown.”

Atapattu slams ICL, says it destroyed young crickters

Former Sri Lankan skipper Marvan Atapattu feels that the Indian Cricket League has only harmed the future of budding cricketers.

"ICL did not do any harm to people like us but there was not much support lent to them by the people who endorsed it. For a 35-36 year old it was an ideal scenario as the career is over but for a 20-year old, it was a pure damage," Atapattu told reporters on the sidelines of an interactive session with sports management students.

Election petition dismissed

The Supreme Court dismissed the election petition filed by DNA leader Sarath Fonseka challenging the results of 2010 Presidential election. source by: daily mirror

Pakistan President to visit Sri Lanka on November 27 - Zee News

  Islamabad: Pakistan President Asif Ali Zardari will visit Sri Lanka from November 27 to 30 to hold talks on bilateral, regional and global issues with the country's leadership.

Zardari's visit at the invitation of his Sri Lankan counterpart Mahinda Rajapakse is part of a long tradition of high-level contacts and exchanges between the two countries, said a statement issued by the Foreign Office.

Indo-Sri Lanka ties not at risk over China-India's formin - Reuters

 
* Krishna downplays Delhi fears over Chinese presence
* India loans $416 million to rebuild war-shattered railway
* India's NTPC, Sri Lanka soon to ink power plant JV 

COLOMBO, Nov 26 (Reuters) - Sri Lanka's relationship with India is not at risk over expanding ties with China or other nations, India's foreign minister said on Friday.

India to open new consulate in Sri Lanka - BBC NEWS

 
India's foreign minister is to open one of two new consulates in Sri Lanka in what is being seen as an attempt to check growing Chinese influence there.

Sri Lanka aims to double share market cap by 2012 - Reuters India

(Reuters) - Sri Lanka plans to double the Colombo Stock Exchange's market capitalisation from the present $19.8 billion over the next two years by listing companies partly owned by the state, the central bank governor said on Friday.

Sri Lanka declare and claim early West Indies wicket

 

Sri Lanka 387/9d

West Indies 165/5 (45.0 ov)

West Indies trail by 222 runs with 5 wickets remaining in the 1st innings

Sri Lanka declared their first innings on 387-9 and then claimed an early West Indies wicket before lunch on the third day of the second test on Thursday.

West Indian opener Adrian Barath was trapped leg before wicket by Nuwan Kulasekara in his first over, with the batsman calling for a review but losing the appeal.

Open Budgets Sri Lanka, India has best budget transparency in South Asia: survey

Nov 25, 2010 (LBO) - Sri Lanka and India has emerged on top in South Asia on a global survey on budget tranparency by a Washington based body, which judged that citizens are given enough information to assess how their money is used.

Sri Lanka and India has scored 67 points and transparency has improved over the years, the Open Budget Index (OBI) said.

Nothing substantial found in alleged mass grave in Lanka

Colombo, Nov 25 (PTI) Contrary to suspicions, Sri Lankan investigators hardly found any evidence as they carried out digging of a site where the Tamil Tigers are alleged to have mass buried government troops killed by them.

Japan assists reconstruction of East bridges

Japan and Sri Lanka today (25) signed a 1.2 billion Japanese Yen (approx. LKR 1.6 billion) grant agreement to reconstruct five bridges in the Eastern Province, at the Ministry of Finance.
The Ambassador of Japan in Sri Lanka, Mr Kunio Takahashi, Secretary to the Treasury Dr. P. B. Jayasundera and the Chief Representative of the Japan International Cooperation Agency (JICA) Mr Akira Shimura signed the agreement.

Sri Lanka refutes NY Post -'War Criminal' allegation

Sri Lanka refuted the allegations leveled by New York post  against a military leader who served in the north during the last stage of the war with Tiger terrorists. Sri Lanka's Permanent Mission to the United Nations has refuted allegations against Major General Shavendra Silva, the new Deputy Permanent Representative to UN by New York Post in an article titled 'War criminal gets a UN job'.

Prevent abuses against migrant domestic workers: A letter to Saudi Arabia, Indonesia, Sri Lanka

Several Human Rights and Migrant Rights organizations have written a joint letter to the Governments of Saudi Arabia, Indonesia, and Sri Lanka appealing them to take comprehensive measures to ensure that migrant worker abuse is curbed. source by: ada derana

Find solutions for rightful living of Sri Lankan Tamils: Karunanidhi

Expressing concern over the “untold miseries and innumerable hardships” faced by the Sri Lankan Tamils, Chief Minister M. Karunanidhi urged External Affairs Minister S.M. Krishna to take steps to discuss the issues at the appropriate levels to find a solution for their welfare and rightful living.

In a letter to Mr. Krishna, who is visiting Sri Lanka, the Chief Minister said one of the main issues causing serious concern to him and the people of Tamil Nadu was the presence of 30,000 people in the camps as seen by Indian Foreign Secretary during her visit.

“Though the issue was taken up with the Sri Lankan government a number of times in the past, it is really painful to note that this problem is yet to be satisfactorily resolved,” Mr. Karunanidhi said.
Read more

Sri Lanka tourism revenue at record; Oct visits up 39 pct - Reuters

(Reuters) - Sri Lanka's tourism revenue hit a record high in the first ten months of 2010, with October arrivals jumping 39 percent as the country continues to enjoy a post-war surge, tourism board data showed on Wednesday. Earnings from tourism have jumped 61.8 percent in the first 10 months of this year to a record $437.9 million, the central bank's latest data shows. The previous record of $416.8 million was set in 2004 when a peace accord between the government and separatist Tamil Tigers was in place. Read more

Tribunal's order confirming ban on LTTE challenged

The Madras High Court on Wednesday asked the Additional Solicitor General to get instructions from the Union Government regarding maintainability of a writ petition challenging a tribunal's order confirming the ban on LTTE. A special tribunal headed by a Delhi High Court judge had on November 12

upheld Centre's decision to extend the ban on terrorist outfit LTTE for another two years saying the organisation remains a threat to the security of the country.

Indian soil is being used for unlawful activities propelled by the remnant cadres of the LTTE (Liberation Tigers of Tamil Eelam). There is sufficient material to declare the LTTE as unlawful association under the Prevention of Unlawful Activities Act, it had said. source by: The Hindustan Times Read more

2,689 families affected island-wide due to floods

Due to showers last night 2,689 families island-wide have been affected, the Disaster Management Centre(DMC) said today. In the Puttalam District due to the overflowing of the Deduru Oya and the inundation of the nearby region, 1802 families(8963 persons) have been affected.The DMC said that four IDP camps have been established in Chilaw and 719 families(3649 persons) have been displaced. source by: ada derana

Lankan woman raped by TN police, commits suicide: Mother files petition

Accusing all the state organs of shielding three constables who had allegedly raped a Sri Lankan Tamil woman, her mother has filed a petition in the Madras high court seeking compensation and a CBI probe. The young woman committed self-immolation after the alleged incident and later gave a dying declaration against the cops.

Justice K Suguna, before whom the petition filed by B Padmavathi’s came up for admission, ordered notices to the home secretary, director-general of police and the CBI director.
Padmavathi contended that she and her daughter were picked up by the Karur police from their refugee camp at Rayanoor on March 7. The police, who had come in a van, claimed that her husband had been detained in connection with a murder case and that he wanted to meet them.

International Media hails budget

The International Media have said that with the budget the Sri Lankan Government has launched a programme to utilize the benefits of peace for economic development. The International Media has made this observation while reporting on the budget presented by the President in Parliament.

The Wall Street Journal in the US said that with the budget that supports the aspirations of the people, the President has entered the correct path. The budget has been presented 1 ½ years after the conflict. The Newspaper points out that the budget is giving the benefits of peace to the country.

Reuters News Agency said that it is the budget with the least deficit in 19 years. It further says that the target is to reduce the budget deficit to 6.8 percent during next year.

The BBC points out that the budget has presented plans to reach the development targets through tax reforms. The BBC has further said that the budget has presented the programme to increase the per capita income to 4000 dollars by 2016. Source by : news.lk

Mega projects initiated by govt will bring dividends to all

Minister of Economic Development Basil Rajapaksa has referred to the measures adopted by the Government to expand the mega development projects while improving the living standards of the people.
The Minister pointed out that the President had already taken the initiative of building the road network as well as power plants needed to generate the power required by the country in addition to building harbours to improve shipping and also irrigation projects. He added that the President while discharging an enormous service was also determined to improve the economy of the poor.

The Minister was speaking after laying the foundation stone for the new building of the Central Advisory Bureau on Engineering. The new building will have nine floors. The expected cost is 200 million rupees.

Speaking further, Minister Rajapaksa said the role played by Engineers in economic development is significant. Minister S.M. Chandrasena and many senior government officials were present. Source by : news.lk

India ups Lanka aid to offset China presence

NEW DELHI: Days after Sri Lanka president Mahinda Rajapaksa opened the Chinese-built port in Hambantota for business, India will be opening its consulate in the southern Lankan city. Foreign minister S M Krishna will be in Sri Lanka over the weekend to do a couple of things — open consulates not just in Hambantota but in Jaffna as well — and send a message that with India's expanding presence in the island nation, it's not playing second fiddle to the Chinese.

With two massive infrastructure projects in Sri Lanka, Hambantota and Colombo port, China had posed a direct challenge to India's influence in its strategic backyard. But with the Lanka conflict behind them, India is trying to regain its act in the island nation. Most importantly, India is reviving talks on a defence agreement with Sri Lanka, an agreement that was essentially in limbo when the conflict was underway. In July, the Indian Navy chief Admiral Nirmal Verma was in Sri Lanka and his counterpart returned the visit recently, a sign senior officials interpreted to mean as reviving the defence ties.

It's unlikely India will be able to match the scale and efficiency of the infrastructure projects that China can execute — for unlike China, India cannot command its companies to undertake "strategic interest" projects in foreign countries, and the public sector does not have the capability. Nevertheless, India is financing the construction of the northern railway in Sri Lanka from Omanthai to Palali and from Medawachchiya to Mannar through Medu, as well as developing the port of Kankesanthurai.

But India's footprint is more in the reconstruction effort in northern Sri Lanka. It's in helping to demine acres and acres of thickly forested land in Mullaitivu, which helps the internally displaced people (IDPs) (seven teams are at work there), helping them rebuild their lives with seeds, tractors, agri implements, housing materials — basically, all the elements needed to restart lives in the erstwhile LTTE strongholds, now recovering from the war. However, LTTE remains on the banned list of the Indian government. In a sign that India continues to consider it a threat, the home ministry recently renewed its ban in the country. Source by: The Times of India

Krishna to push for devolution of powers during Lanka visit

With External Affairs Minister S M Krishna’s upcoming five-day visit to Sri Lanka starting on Thursday, India will be pushing for meaningful devolution of political powers in the island country, even as New Delhi still considers the Liberation of Tamil Tigers Eelam (LTTE) to be a “real threat”.

Government sources said that there is still a real threat from the LTTE forces — an assessment that was done by the Indian government agencies internally.

Sources said that Krishna, as agreed during Sri Lankan President Mahinda Rajapaksa’s visit to New Delhi in June this year, will be pushing for a meaningful devolution package, building upon the 13th Amendment in the Sri Lankan Constitution to create the necessary conditions for a lasting political settlement.

Krishna will be co-chairing the seventh Joint Commission meeting, along with Lankan Foreign minister G L Peiris, and they will be reviewing the entire gamut of bilateral ties. The Joint Commission meeting is being held after five years, the last one having been in Colombo in 2005. Source by: Indian Express

2010 budget [ After-party ] { Photo }

President Mahinda Rajapaksa is seen here greeting DNA MP Sunil Handunettis at the traditional tea party that is held after the reading o the budget in Parliament today. The President presented the 2011 budget this afternoon. Pix by Kushan Pathiraja

New Cabinet sworn-in - April 23, 2010 [ Video ]

Sri Lanka's first full post-war budget ( Reuters )

Sri Lankan President Mahinda Rajapaksa on Monday presented the island nation's first full post-war budget with an aim to reduce its fiscal deficit to a 19-year low of 6.8 percent.

Following are some key changes proposed in it:

GOVERNMENT FINANCE
* Government targets 2011 fiscal deficit of 6.8 percent, down from 8 percent in 2010. That would be the lowest since 1992.
* Spending in 2011 is forecast at 1.42 trillion Sri Lankan rupees ($12.72 billion), up 11.4 percent from this year.
* Revenue is estimated to rise 18.6 percent year-on-year to 963.5 billion rupees.TAX REFORMS
* Income tax on industries with value addition in excess of 65 percent will be reduced to 10 percent from 15 percent.
* Income tax on all export companies will be trimmed to 12 percent from 15 percent.
* Tax on financial services to be reduced to 12 percent from 20 percent. Tax on profits of banking and financial institutions will be cut to 28 percent from 35 percent.
* Tax on tourism earnings to be reduced to 12 percent from 15 percent. A $20 per bed tax on all five-star hotels which charge a room rate of less than $125 per night.INVESTING TAX CHANGES
* Foreign investment in unit trusts to be exempted from foreign exchange control restrictions
* Unit trust income from investments in listed debentures and equities to be tax-exempt.
* Expenditure on listing a company in the Colombo Stock Exchange .CSE can be considered as tax-deductible for up to 1 percent of the value of the initial public offering.

Sri Lanka cuts corporate income tax

Nov 22, 2010 (LBO) - Sri Lanka will cut corporate income taxes from 35 to 28 percent except for tobacco and alcohol, while income taxes for casinos, a newly legalized industry will be set at 40 percent, a budget for 2011 said.At present companies and non-governmental organizations are taxed at rates around 30 percent, 33.3 percent and 35 percent, the budget speech said.But income taxes on tobacco, alcohol and casinos will be raised to 40 percent.A manufacturer exporting under a Sri Lankan brand name will be taxed at 10 percent, down from an earlier 15 percent.Corporate tax on financial institutions has been cut from 35 to 28 percent. Another income tax like tax of 20 percent (financial VAT) has been cut to 8.0 percent.But the firms will have to put in the equivalent of 8.0 percent of financial value added tax to a an investment account with Sri Lanka's central bank for three years.The money has to be used by the banks to give to "grant long term loans at a lower rate of interest" the budget speech said. The interest from such loans are to be free of income tax.A tax exemption for charities engage in education has been removed, while charities engaged in environmental protection activities.Firms in fisheries and making seed or planting material have been exempted from income tax for five years.Start-up companies which invest between 5,000 to 10 million US dollars in sectors to be specified, will get a blanket five year tax holiday.Unit trusts and mutual funds invested in listed debt or equity will be free from income tax.Sri Lanka Ports Authority, Ceylon Electricity Board, National Water Supply and Drainage Board, Ceylon Petroleum Corporation have been exempted from income tax and two state firms Sri Lankan and Mihin Lanka have been exempted from income tax.In many countries, state energy monopolies and ports authorities are sources of large volumes of income tax. Both the Sri Lanka Ports Authority and Ceylon Electricity Board was a large contributor to income taxes at one time.The budget said the firm will have to pay a 25 percent dividend to the Treasury.Many of these institutions now run losses, and are sustained with Treasury handouts charged from taxes on the people. Sri Lanka has high rates of taxes on basic foods.Current tax incentives given under the Board of Investment laws would be revised.

Sri Lanka cuts corporate income tax

Nov 22, 2010 (LBO) - Sri Lanka will cut corporate income taxes from 35 to 28 percent except for tobacco and alcohol, while income taxes for casinos, a newly legalized industry will be set at 40 percent, a budget for 2011 said.At present companies and non-governmental organizations are taxed at rates around 30 percent, 33.3 percent and 35 percent, the budget speech said.But income taxes on tobacco, alcohol and casinos will be raised to 40 percent.A manufacturer exporting under a Sri Lankan brand name will be taxed at 10 percent, down from an earlier 15 percent.Corporate tax on financial institutions has been cut from 35 to 28 percent. Another income tax like tax of 20 percent (financial VAT) has been cut to 8.0 percent.But the firms will have to put in the equivalent of 8.0 percent of financial value added tax to a an investment account with Sri Lanka's central bank for three years.The money has to be used by the banks to give to "grant long term loans at a lower rate of interest" the budget speech said. The interest from such loans are to be free of income tax.A tax exemption for charities engage in education has been removed, while charities engaged in environmental protection activities.Firms in fisheries and making seed or planting material have been exempted from income tax for five years.Start-up companies which invest between 5,000 to 10 million US dollars in sectors to be specified, will get a blanket five year tax holiday.Unit trusts and mutual funds invested in listed debt or equity will be free from income tax.Sri Lanka Ports Authority, Ceylon Electricity Board, National Water Supply and Drainage Board, Ceylon Petroleum Corporation have been exempted from income tax and two state firms Sri Lankan and Mihin Lanka have been exempted from income tax.In many countries, state energy monopolies and ports authorities are sources of large volumes of income tax. Both the Sri Lanka Ports Authority and Ceylon Electricity Board was a large contributor to income taxes at one time.The budget said the firm will have to pay a 25 percent dividend to the Treasury.Many of these institutions now run losses, and are sustained with Treasury handouts charged from taxes on the people. Sri Lanka has high rates of taxes on basic foods.Current tax incentives given under the Board of Investment laws would be revised.

Sri Lanka Plans Tax Cuts to Fuel Postwar Growth

Nov. 22 (Bloomberg) -- Sri Lanka plans to cut corporate taxes and adopt an inflation target for its central bank, aiming to bolster growth and anchor price expectations in the South Asian economy emerging from a 26-year civil war.President Mahinda Rajapaksa, unveiling the 2011 budget in Colombo today, announced plans to lower the value added tax for banks to 12 percent from 20 percent, reduce the levy on construction companies to 12 percent and offer breaks to tea and rubber companies. He forecast the budget deficit to narrow to 6.8 percent of gross domestic product from 8 percent in 2010. Source by: bloomberg businessweek -- By Anusha Ondaatjie and Kartik Goyal

New Ministerial & Deputy Ministerial Portfolios

Prime Minister D.M.Jayarathne , 09 Senior Ministers, 49 Cabinet Ministers & 31 Deputy Ministers were sworn in before the President a short while ago.
Senior Ministers - Rathnasiri Wickramanayake, Dew Gunasekera, Athauda Senevirathne, P.Dayarathne, A.H.M.Fowzie, S.B.Navinna. Piyasena Gamage Prof. Tissa Vitharana & Dr.Sarath Amunugama

A 59 member cabinet with 16 new faces was sworn in by President Mahinda Rajapaksa a short while ago at the Presidential Secretariat following his swearing in for the second term as the executive President on Friday.source by : ada derana

D.M.Jayarathne sworn-in again as the Prime Minister

Prime Minister D.M. Jayarathne was the first to be sworn in as the Prime Minister of the new cabinet before the President a short while ago. Source by: news.lk

New Sri Lankan cabinet sworn in { The Hindustan Times }

Sri Lanka's new cabinet of ministers was sworn in before President Mahinda Rajapaksa Monday in Colombo. D.M. Jayaratne, who had been the prime minister since April this year, was sworn in as the prime minister again in the new cabinet, reports Xinhua. The swearing-in of ministers took place after
President Rajapaksa was sworn in for a second term Friday.

Suspected War Criminal Lands Job at United Nations - Fox News

AFP: Sri Lanka's former top military commander Shavendra Silva

A suspected war criminal who allegedly played a key role in the slaughter of 40,000 civilians in Sri Lanka has landed a cushy job at the United Nations -- with full diplomatic immunity.Human-rights groups are outraged that Shavendra Silva, 46, a top ex-military commander, was named Sri Lanka's deputy permanent U.N. representative in August, after which he moved to New York. READ MORE

Sri Lanka growth for 2010 7.6-pct: Central Bank

Nov 22, 2020 (LBO) - Sri Lanka's economy is projected to grow 7.6 percent in 2010 up from 3.5 percent in 2009, helped by the end of a 30-year war, which would be followed by an 8.0 percent expansion in 2011, the Central Bank said."The complete cessation of terrorism, the gradual recovery in the global economy and favourable weather conditions are some factors that will drive this growth," the Central Bank said in a pre-budget economic report."The growth during the second half of the year is projected to be 7.4 per cent to achieve the annual growth projection."Services sector which accounts for over 59 per cent of the gross domestic product is expected to expand by 7.6 percent.The agriculture sector is expected grow 6.5 per cent in 2010 and industry is expected to grow 8.0 percent, up from 4.2 percent in 2009.The Central bank is projecting growth of 8.0 percent in 2011, which will also be broad based."All major sectors in the economy are expected to contribute favourably towards this high growth in 2011," the Central Bank said.source by:lb.lk

Fonseka discharged from hospital, taken back to cell

DNA Leader and Former Army Chief Sarath Fonseka was discharged from the prison hospital and taken back to his cell at the Welikada Prison, prison hospital sources told Ada Derana. Commissioner of Prisons Maj. Gen. V.R. Silva also confirmed that Fonseka was brought back to his cell a short while ago. Source by: ada derana

Elevated to Cardinal

Most Rev Dr Malcolm Ranjith was formally elevated to the status of Cardinal by Pope Benedict XVI at the St. Peter’s Basilica in the Vatican a short while ago. Pope Benedict XVI formally elevated 24 new cardinals in the midst of cheers in St. Peter's Basilica. Source by: daily mirror
AFP PHOTO