BIZ

Imposing tax on coconut oil another episode of ‘sugar tax fraud’?

Published

1 year ago

July 26, 2023

editor

Finance State Minister Ranjith Siyambalapitiya’s statement that a tax of Rs.25 will be imposed on a litre of imported coconut oil in order to protect local coconut oil producers has created a stir.

A Special Customs Levy of Rs.15/- is already being charged for a litre of imported coconut oil.

However, State Minister Siyambalapitiya has made the new statement when stocks of nearly 10,000 tons of coconut oil imported are stored in bonded warehouses.

According to the economic experts, the coconut oil to be released to the local market in bonded warehouses will be exempted from the new tax and the importers will only have to pay the old tax of Rs.15/=.

Meanwhile, the price of a litre of coconut oil had decreased by Rs.40 in the last few weeks to Rs.535 due to the depreciation of the US Dollar.

However, the price of coconut oil has increased to about Rs.565 rupees per litre, with the US Dollar appreciating again from 302 to 333 rupees.

At present, no tax is paid at the port on imported coconut oil and palm oil to Sri Lanka, and a tax is paid when they are being released from bonded warehouses.

Therefore, the government has to collect taxes from imported coconut oil intermittently.

When ‘Sri Lanka Mirror’ inquired about the companies that operate bonded warehouses of imported coconut oil, it was reported that Asian Company, Narada Agro and Pyramid Wilmar operate bonded coconut oil warehouses.

Meanwhile, National Movement for Consumer Rights Protection President Ranjith Vithanage said that increasing the tax on imported coconut oil will not bring any relief to the consumers.

He expressed these views at a news briefing held yesterday (25).

BIZ

ASPI records an all-time high passing the 14,000 mark

Published

17 hours ago

December 12, 2024

editor

The All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) recorded an all-time high, surpassing the 14,000 mark for the first time ever in Sri Lanka.

According to the CSE, the ASPI increased by 150.72 points to close at 14,035.81.

A turnover of Rs. 7.3 billion was recorded at the close of trading.

BIZ

Sri Lankan start-ups ace at SolarX Startup Challenge

Published

2 days ago

December 11, 2024

editor

Sri Lanka has emerged as the country with the highest number of winners at the SolarX Startup Challenge (Asia-Pacific Chapter).

The Challenge launched at COP 28 by the International Solar Alliance in collaboration with Invest India is committed to identifying and fostering innovative solutions in the solar energy sector.
This year, the Challenge has identified top 20 startups from across Asia-Pacific, including Sri Lanka, Australia, Papua New Guinea, UAE, Saudi Arabia, and other countries. Four of the twenty selected start-ups are from Sri Lanka. These start-ups were introduced to the Challenge in a workshop organised by High Commission of India earlier this year, in partnership with Invest India and the International Solar Alliance.

The following winners from Sri Lanka have been awarded grants of USD 15,000 each, alongside acceleration support encompassing mentorship, investor connections, and market access opportunities.

Bio Lanka Exports (Pvt) Ltd : Bio Lanka Exports offers eco-friendly, solar-powered container homes, minimizing material use and construction waste for residential and commercial needs.
Magicbit Pvt. Ltd. : Magicbit provides an open-source, real-time monitoring and analytics platform for solar energy, integrating IoT, cloud, and AI technologies for high scalability and real-time visibility.
Syntax Genie (Pvt) Ltd : Syntax Genie’s AI-driven platform optimizes solar mini-grid management, addressing energy poverty in remote Asia-Pacific areas with scalable and sustainable solutions.
Bluechip Technologies Asia : Bluechip Technologies leverages AI, IoT, GPS, and drone technology to optimize solar project deployment across the entire lifecycle, ensuring efficient site selection and planning.

Invest India is organising the second round of the SolarX Startup Challenge workshop in Colombo on 12 December 2024. This Physical Acceleration Workshop will be a capacity-building event to further empower startups in the renewable energy sector with mentorship sessions, interactive discussions, and pitching opportunities. It will also feature field visits to solar and renewable energy facilities in Sri Lanka, providing startups with hands-on exposure to the local ecosystem.

BIZ

ASPI hits record high

Published

1 week ago

December 5, 2024

editor

The All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) has reached an all-time high of 13,511.73 points, marking an increase of 171.69 points.

The S&P SL20 stood at 4,016.60 points.

The CSE reported a trading turnover of Rs. 5.2 billion at the close of the session.

The previous record was achieved on January 19,2022. Amidst multiple off-board transactions, the turnover surged past Rs.5.2Bn, marking a 48.8% increase from the monthly average.