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LankaWeb – Locating Sri Lanka in Biden's Indo-Pacific Strategy

LankaWeb – Locating Sri Lanka in Biden's Indo-Pacific Strategy
lankaweb.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lankaweb.com Daily Mail and Mail on Sunday newspapers.

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CPC to increase jet fuel imports

By Bandula SirimannaView(s):
Sri Lanka’s state-owned Ceylon Petroleum Corporation (CPC) is devising plans to increase its jet fuel imports in the next two years anticipating a rise in domestic demand in the aviation sector, an official procurement plan revealed.
The CPC will increase jet fuel imports by 38.33 per cent to 593,440 metric tons next year and in addition 7.4 per cent more to 635,820 metric tons in 2022.
According to official documents, CPC has no alternative other than importing refined petroleum products to meet the local demand as the production at the Sapugaskanda oil refinery is insufficient to tackle the demand.
The Government has to expedite the procurement process of fuel imports as the CPC refinery has to shut down for maintenance once in every two years. ....

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Kantale sugar factory revival rings bells of hope after 30 years

By Bandula SirimannaView(s):
Location of the production facility.
The 30 year long period of delay in the sugar production at the Kantale factory is set to end soon after the handing over of land, property, services, etc (leases) to MG Sugars Lanka Private Limited by the government, company officials divulged.
The final leases for the Factory are to be signed and handed over to MG Sugars to resume sugar production process
This process should be completed before Christmas this year enabling the official team to initiate land preparation and sugar cane cultivation as early as January 2021, they said.
This is crucial in order to achieve the set target date of commissioning in July 2023 as the President is determined and already directed the officials to commence the sugar production operations, an official of the company told the Business Times. ....

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W.M. Mendis accused of tax fraud amounting to over Rs.6 b

By Bandula SirimannaView(s):
Investigators have unearthed a massive tax evasion of more than Rs.6 billion by W.M. Mendis & Co. Ltd one of the renowned liquor manufacturers in Sri Lanka owned by Central Bank bond scam suspect Arjun Aloysius. It has also defaulted Rs. 1.1 billion in excise duty up to now inflicting a massive loss to the Excise Department, according to a recent investigation by the Inland Revenue Department (IRD).
This company has not paid necessary corporate income tax payment amounting to Rs. 2.63 billion and payment of VAT amounting to Rs. 3.55 billion to IRD during the previous regime and the IRD has taken legal action to recover these dues. ....

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