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Thursday June 20th, 2024

Sri Lanka to lose billion rupees in alcohol tax from Vesak store closure

ECONOMYNEXT – Sri Lanka will close liquor stores during Vesak, Buddhist religious holiday, resulting in a tax revenue loss of around one billion rupees for the government, the Department of Excise said.

Following a decision by the Ministry of Buddhasasana, Religious, and Cultural Affairs, liquor stores will be closed from May 4-6, including the day before Vesak festival, a spokesman for the Excise Department of Sri Lanka told EconomyNext.

“The decision to close liquor stores for three days will cost the government 337 million rupees per day”.

In Sri Lanka alcohol stores are closed on Full Moon Poya days which are public holidays. Some customers buy extra alcohol the day before.

State Minister of Finance Ranjith Siyambalapitiya had said that only 64 percent of the expected revenue by the liquor tax department had been collected in the first quarter.

However, the Inland Revenue Department has earned 105 percent of its target, he said. Excise, Inland Revenue and Customs are the three main tax collecting agencies.

In Sri Lanka liquor stores have to be closed by 9.00 pm and there are also laws limiting their locations.

The Cabinet of Ministers approved a proposal earlier this year to introduce a new excise act to replace a 111-year-old excise ordinance that dates back to the colonial days and President Ranil Wickremesinghe, as Finance Minister, had directed legal draftsman to draft a new Excise bill. (Colombo/May03/2023)

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  1. Don says:

    All of what we practice in this country appears to be just eye washes.. unfoxed spirituality is not spiritual at all. If one decides to be spiritual and follow the words of the philosopher no amount of liquor shops can force that person to deviate his courage.

    By enforcing such baseless rules none will achieve success. We are a nation of primitive cultural beliefs.

    Each direction you turn your head some sort of a temple or a statue will appear. Two times a day loudspeakers make all sorts of nonsense. It is a violation of the rites of a peaceful sleep one is entitled to in the morning.

    We need to grow beyond those useless beliefs which fall down from one generation to another.

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Your email address will not be published. Required fields are marked *

  1. Don says:

    All of what we practice in this country appears to be just eye washes.. unfoxed spirituality is not spiritual at all. If one decides to be spiritual and follow the words of the philosopher no amount of liquor shops can force that person to deviate his courage.

    By enforcing such baseless rules none will achieve success. We are a nation of primitive cultural beliefs.

    Each direction you turn your head some sort of a temple or a statue will appear. Two times a day loudspeakers make all sorts of nonsense. It is a violation of the rites of a peaceful sleep one is entitled to in the morning.

    We need to grow beyond those useless beliefs which fall down from one generation to another.

Sri Lanka rupee closes stronger at 305.10/30 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed stronger ahead of the long weekend at 305.10/30 to the US dollar on Thursday, up from 305.40/55 to the US dollar Wednesday, dealers said, while some bond yields edged up.

A bond maturing on 15.12.2026 closed at 10.45/80 percent, up from 10.35/75 percent.

A bond maturing on 01.07.2028 closed at 11.20/45 percent.

A bond maturing on 15.09.2029 closed at 12.00/15 percent, up from 11.95/12.35 percent.

A bond maturing on 01.12.2031 closed at 12.05/25 percent.
(Colombo/Jun20/2024)

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Sri Lanka stocks close up, JKH trade pushes turnover

ECONOMYNEXT – The Colombo Stock Exchange closed up on Thursday, data on its site showed.

The broader All Share Index closed up 0.19 percent, or 23.11 points, at 12,249; while the more liquid S&P SL20 Index closed up 0.15 percent, or 5.33 points, at 3,610.

Turnover was 2 billion. Nearly half of this (Rs980mn) came from a crossing on John Keells Holdings Plc. The share closed down at 202.00.

“There were several crossings today which pushed turnover,” market participants said.

“Institutions and high net-worth activity drove the market, while the retail investors we feel are still about uncertain and adopting a wait-and-see approach.”

Melstacorp Plc was among the companies that saw active volumes (Rs194mn) in the day. The share closed up at 87.10.

Top contributors to the index included TeeJay Lanka Plc (up at 41.70), Sampath Bank Plc (up at 79.50), Hatton National Bank Plc (down at 201.00). Hayleys Plc (up at 105.00) and its subsidiary Hayleys Fabric Plc (up at 46.60) were also positive contributors. (Colombo/Jun20/2024)

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Sri Lanka, India launch maritime rescue coordination centre

ECONOMYNEXT – Sri Lanka’s president Ranil Wickremesinghe and visiting Indian External Affairs Minister S Jaishankar marked the formal commissioning of a Maritime Rescue Coordination Centre in the island nation on Thursday.

The MRCC was constructed with a 6 million dollar grant from India.

It includes a centre at Navy headquarters in Colombo, a sub-centre in Hambantota and unmanned installations at Galle, Arugambay, Batticaloa, Trincomalee, Kallarawa, Point Pedro and Mollikulam.

Wickremesinghe and Jaishankar also launched, virtually, 106 houses in Kandy, Nuwara Eliya and Matale under the Indian Housing Project. 24 houses in each model village were handed over.

Jaishankar called on President Ranil Wickremesinghe at the President’s House earlier in the day for a one-on-one meeting, the president’s media division said.

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Indian FM Jaishankar in Sri Lanka to discuss partnerships amid project delays, ahead of polls

Jaishankar’s one-day official visit to Colombo was to discuss “wide-ranging issues of the partnership”, India said, amid delays of some key Indian projects ahead of a presidential poll in Sri Lanka. (Colombo/Jun20/204)

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