Business and Economics
CIMA President reiterates potential of CSE

The Chartered Institute of Management Accountants (CIMA) participated at the bell ringing ceremony to celebrate its 100 successful years.

The event took place at the Colombo Stock Exchange Trading floor yesterday.

CIMA is the world’s largest professional body of management accountants offering the most relevant accounting qualification for a career in business.

CIMA was formed in March 1919, as the Institute of Cost and Works Accountants while CIMA Sri Lanka was established in 1965 and is celebrating 55 years in Sri Lanka this year.

CIMA President Amal Ratnayake speaking at the market opening ceremony said CIMA understands the value of changing with the times and throughout its 100 years, CIMA have grown and evolved in a big way.

“That’s why with a combined strength of CIMA, we are able to reinforce our commitment to strengthen and provoke the dynamic accounting profession worldwide.

ComBank gives Credit Card holders switches e-statements

The Commercial Bank of Ceylon has committed more than Rs 2 million to encourage the Bank’s Credit Card holders to do their bit for the planet by opting for electronic statements instead of printed statements.

The Bank has announced that all ComBank Credit Card holders who newly register and existing Credit Card holders that have chosen the‘e-statements only’ option would go into a draw to win two fabulous tour packages to Singapore inclusive of return air tickets, hotel accommodation with bed and breakfast and airport tranfers.

Additionally, the first 1,000 Credit Card holders that convert to e-statements during the campaign period will each receive 2,000 Max Loyalty Rewards points. The Max Loyalty Rewards Points allocated as rewards can be redeemed by cardholders at the rate of one Rupee per point, making a total of Rs 2 million in value.

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Tax benefits should be used to develop tourism industry - IRD chief

The tourism sector has been given considerable tax concessions with the reducing of VAT rate from 15% to 8% and the VAT registration limit increased from Rs 12 million to 300 million per year, Commissioner General of Inland Revenue Department (IRD) Nadun Guruge told a group of Association of Small and Medium Entrepreneurs in Tourism (ASMET) representative who visited him yesterday.

These concessions should be passed over to the people and used for the growth of the tourism industry in the country, he urged.

Guruge however said that although according the government policy, entities with an annual turnover of less than Rs 300 million have been included in the inactivation of VAT registration list it is possible for them to exist it and come to VAT active list by making a request with a copy of the original certificate.

He also cautioned companies who are in the inactive list to refrain from collecting VAT and action would be taken against them in the future.

With regard to a request by ASMET to apply a zero VAT rate to tourist sector, Guruge said it should be a policy decision taken by the Finance Ministry. It was however highlighted that that outbound tourism activities such as ticketing and baggage was totally exempted from VAT.

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