Connect with us

Business

CSE welcomes Budget 2021 directed at developing the capital market

Published

on

The Colombo Stock Exchange (CSE) welcomes the progressive capital market related proposals presented to parliament by Prime minister Mahinda Rajapaksa at the 2021 Budget Proposals Speech made on 17th November 2020.

Long-term sustainable measures have been proposed by the Sri Lankan Government to encourage companies to list on the CSE, encourage savings and investments among Sri Lankan citizens and improve the attractiveness of Real Estate Investment Trust (REITs) through tax concessions.

As a measure of promoting new listings on CSE a 50% tax concession for the years 2021/2022 has been proposed to be granted for companies listing on the CSE before 31 December 2021 and to maintain a corporate tax rate of 14 percent for the subsequent three years upon listing.

Stock market investment will continue to be exempted from Capital Gains Tax and as an additional measure to encourage stock market investment, the Government has proposed to include investments made in shares of listed companies incurred up to Rs.100,000 per month as deductible expenditures in the calculation of personal income tax.

In a measure that would largely improve the attractiveness of REITs investment, the government has proposed to exempt such investments from capital gains tax and dividends free from income tax. The proposal further seeks to reduce the Stamp Duty applicable to real estate transaction associated with REITs to 0.75 percent (from the currently applicable 4% for property transactions). The CSE, working with the Securities and Exchange Commission of Sri Lanka, introduced REITs as a new investment product on the CSE earlier this year.

CSE Chairman Dumith Fernando commenting on the proposals stated “CSE is pleased to learn of these progressive proposals and we applaud the commitment of the Sri Lankan government to promote capital market development in the country. The tax concessions proposed to draw in stock market investments and encourage companies to explore a public listing will most certainly complement our efforts to develop a larger listed company base. I would like to thank the Hon. Prime Minister, the Hon. State Minister for Money, Capital Markets and State Enterprise Reform and all other relevant officials for these initiatives that will a drive us towards a thriving and more robust capital market.”

CSE CEO Rajeeva Bandaranaike stated “The tax concession offered to companies listing on CSE by 2021 will offer financial benefits to companies and extra impetus to pursue a listing. This proposal offers vital policy support to expedite new listings in the market and greatly complements measures taken by CSE to expand listing rules to attract more companies and streamline the listing process. We believe CSE as a result is well-placed to attract new listings in 2021.”

Continue Reading
Click to comment

Leave a Reply

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

Business

INSEE Cement continues investment in mason development across Sri Lanka

Published

on

Sri Lanka’s leading cement manufacturer INSEE Cement is driving transformation across the local construction industry with significant investments in empowering one of the sector’s key stakeholder groups; the mason.

‘INSEE Sathkara’, a multifaceted initiative to develop local masons powered by INSEE Cement is shaping the mason of the future – a professionally, socially and financially empowered individual contributing significantly to the advancement of both the local construction industry and Sri Lanka’s economy.

“The INSEE Sathkara initiative facilitates empowerment and development through up-skilling, social recognition and financial stability, an all-round approach that has successfully nurtured a new generation of masons that are fast adaptable to industry demands through newly developed skillsets, knowledge and capacities,” says Jan Kunigk, Executive Vice President, INSEE Cement.

INSEE Cement’s approach is to build a certified and skilled workforce with recognized credentials to bridge a gaping skill gap in the construction industry. The program ensures sustainable capacity development for masons backed by National Vocational Qualifications (NVQ) in collaboration with the National Apprentice and Industrial Training Authority (NAITA) of Sri Lanka.

INSEE Cement also launched a Mason Apprenticeship Program to provide 120-day training opportunities for masons to learn on the job, preparing them to enter the workforce with specialized skillsets.

For Ajith Kumara Dissanayaka from Ambathenna, a mason for nearly 16 years, receiving all-round advancement through INSEE Sathkara has been truly life changing. “Five years ago, I was able to complete a course conducted by INSEE Cement and NAITA and received a Level 3 NVQ certification – my first professional credentials as a mason. This training gave me knowledge and insight that I had not received in over a decade of working as a mason, and it made me look at my profession differently. I improved my tile work skills, which also increased my income,” Dissanayaka stated.

This professional up-skilling has enabled INSEE Cement to create much needed social recognition and acceptance for Masons across Sri Lanka as a crucial link in the construction industry value chain. Mason Chats, Mason Meets and exclusive membership to the INSEE Concrete Society (ICS) has provided local masons industry inclusivity as well as recognition and rewards to encourage new avenues of income and entrepreneurship. Long-established ICS-member masons are also rewarded for their contribution to the local construction industry through ‘INSEE Garu Sara’.

To secure a stronger financial future for masons, INSEE Cement has introduced a comprehensive life insurance policy with disability, medical and accidental cover. This comes in addition to the pension scheme introduced to masons in partnership with the Employee Trust Fund Board (ETFB) of Sri Lanka.

“I joined the INSEE programme five years ago, and have benefited in ways I never imagined. The knowledge I gained about the industry, Sri Lanka Standards Institute (SLS) standards and safety requirements have made me a better professional, and my clients respect me more because of it,” stated Ratna Ravindara, a mason based in Kandy with over two decades of industry experience.

Continue Reading

Business

European ride-hail Bolt enters Sri Lanka

Published

on

Bolt, the leading European transportation platform committed to making urban travel easier, quicker and more reliable; announced its entry to the Sri Lankan market, with a pilot launch of its service in Colombo, on November 25, 2020 with over 2000 drivers ready to start accepting rides. Bolt pilots its services in South Asia for the first time with the launch of operations in Sri Lanka.

Committed to affordable trips and happy drivers, the company has announced that it will be charging drivers no commission for using the platform and offer fares 20% lower than other competitors, for a minimum of six months. It builds on being smart about how to grow the company, and focusing operations on efficiency, allowing Bolt to pass the savings on to customers, passengers and drivers.

Bolt has chosen to enter Sri Lanka during the peak of the COVID-19 crisis with the firm belief that people still need to move around in the city and doing its best to fulfil the mission to help them do so. Currently available only within Colombo, Bolt services can be accessed by passengers by downloading the secure and free Bolt app from Apple App Store or Google Play Store and setting up a user profile. Any person with their own Car who wishes to join Bolt as a driver, can easily register with the company through https://partners.bolt.eu/driver-signup by completing the relevant formalities or through the Bolt Driver App available on Apple App store or Google Play Store.

Continue Reading

Business

Mobisec marks 6th anniversary as its future outlook remains strong

Published

on

International footprint with branch office in Melbourne

Mobisec (Pvt) Ltd, an innovator in the mobile application sector in Sri Lanka is celebrating its 6thanniversary since its inception in November 2014.

Over the years it has served hundreds of thousands of customers across Sri Lanka through its telco and mobile applications. Starting with humble beginnings as a start-up, Ashen Gomez, Founder & Managing Director of Mobisec has worked diligently over the years alongside his wife Sumudu, the Co-founder of Mobisec to build the company and expand its services in different verticals.

The company marked its first international expansion in the beginning of this year by establishing a new branch office in Melbourne, Australia. Today, the company is home to a dynamic team of over 30 software development experts.

Founder & Managing Director of Mobisec Ashen Gomez said; “since inception, we have continued to create applications that revolutionize the way people connect with the technology. Our prime focus is to provide smart and reliable solutions for modern problems our customers are facing and help them improve the quality of their lifestyle.”

Company’s product portfolio expanded further during this year along with the three brand new products that were launched into the Market. “Baby’s Diary” is one of the Android Apps that was added to Mobisec’s product portfolio in the mid of this year and currently the App has crossed over 10,000 downloads. It’s an all-in-one parenting solution, which contains a variety of options to keep track on the baby’s activities while shopping for all the baby essentials. Since its launch, the App has gained widespread attention and it’s shaping to be a game changer for all new parents in Sri Lanka.

“We are pleased to say that the Baby’s Diary App is the first and only Parenting App developed in Sri Lanka exclusively for parents of new-borns.The challenges and struggles for a new parent have never been addressed through out the past and that’s where we strongly believed that the concept of Smart Parenting needs be introduced to the Sri Lankan market”, said PrasannaDahanayake, Product Manager/ Business Analyst of Mobisec.

Continue Reading

Trending