The Investor Sentiment - Equity and investments forum for Sri Lankans
Search
 
 

Display results as :
 


Rechercher Advanced Search

Latest topics
» EAST WEST PROPERTIES PLC (EAST.N0000)
Sri Lanka to charge 7-pct tax from banks on added value EmptyToday at 11:51 am by yellow knife

» HASU.N0000 (HNB ASSURANCE PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyToday at 10:32 am by yellow knife

» LLUB.N0000 (CHEVRON LUBRICANTS LANKA PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyYesterday at 8:09 pm by PANTOMATH

» අසිරිමත් සුබ නව වසරකට ආසිරි !
Sri Lanka to charge 7-pct tax from banks on added value EmptyYesterday at 6:33 pm by hammurabi

» Thread for News on CSE and SL Economy
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Apr 16, 2019 6:52 pm by NIRMALSG

» Dividend Announcement
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Apr 13, 2019 10:53 pm by nihal123

» SEYLAN DEVELOPMENTS PLC (CSD.N0000)
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Apr 12, 2019 8:55 am by yellow knife

» East West properties
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Apr 12, 2019 5:27 am by dhanurrox

» HHL.N0000 ( Hemas Holdings PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Apr 09, 2019 8:04 pm by NIRMALSG

» Thread for News on Local and Foreign Politics
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Apr 09, 2019 11:25 am by Ethical Trader

» අනං මනං! #/+?.<>
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Apr 08, 2019 7:23 pm by ruwan326

» DFCC.N0000 ( DFCC BANK PLC )
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Apr 08, 2019 6:07 pm by NIRMALSG

» කිරි පිටි ගැන ඔබ මෙතෙක් නොදත් දේ
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Apr 08, 2019 5:31 am by Ethical Trader

» CONN.N0000
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Apr 07, 2019 3:15 pm by NIRMALSG

» LION.N0000 (Lion Brewery Ceylon PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Apr 07, 2019 8:52 am by ruwan326

»  5000 Post Milestone - Congratulations
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Apr 05, 2019 9:07 pm by Ethical Trader

» NTB.N0000 (NATIONS TRUST BANK PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Apr 05, 2019 1:37 pm by Ethical Trader

» හීන්බන්ඩාගේ රැකියාව ඇසූ පසු පොලිස් නෝනලාට තරු පෙනුනා
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Apr 05, 2019 12:36 pm by Ethical Trader

» Micro Finance
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Apr 05, 2019 12:14 pm by yellow knife

» REXP.N0000 ( RICHARD PIERIS EXPORTS PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Apr 05, 2019 7:40 am by serene

» COMB.N0000 ( COMMERCIAL BANK OF CEYLON PLC )
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Apr 04, 2019 6:53 pm by NIRMALSG

» PLC.N0000 ( People's Leasing and Fiance PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Apr 03, 2019 6:04 pm by NIRMALSG

» VPEL.N0000 (VALLIBEL POWER ERATHNA PLC )
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Apr 03, 2019 3:40 pm by catseye

» SAMP.N0000 (SAMPATH BANK PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Apr 02, 2019 12:38 pm by malanp

» Sinhala Cinema
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Apr 02, 2019 12:31 pm by yellow knife

» SEYB.N0000 ( SEYLAN BANK PLC )
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Apr 02, 2019 11:23 am by Backstage

» LIOC.N0000 (Lanka IOC PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Apr 02, 2019 11:15 am by LSE

» NDB.N0000 (NATIONAL DEVELOPMENT BANK PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Apr 02, 2019 11:11 am by Backstage

» Plantation sector updates
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Apr 01, 2019 2:13 pm by nihal123

» What to Analyse
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Apr 01, 2019 8:00 am by yellow knife

» MTD WALKERS - KAPI
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Apr 01, 2019 5:01 am by NIRMALSG

» VONE.N0000 (VALLIBEL ONE PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Mar 31, 2019 6:09 pm by lanka

» In the Meantime, Within Our Shores !
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Mar 31, 2019 11:22 am by කිත්සිරි ද සිල්වා

» PB. N0000 (People's Bank)
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Mar 29, 2019 5:33 pm by yellow knife

» Obituary Notice.
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Mar 29, 2019 5:07 pm by කිත්සිරි ද සිල්වා

» Happy Birthday
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Mar 29, 2019 9:58 am by Backstage

» Re: Financial reports Q1-2019
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Mar 29, 2019 7:45 am by serene

» Save Wilpattu !
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Mar 28, 2019 1:58 pm by puliyanam

» Help him Today, so he can help another Tomorrow
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Mar 28, 2019 7:49 am by serene

» HNB.N0000 ( Hatton National Bank PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Mar 26, 2019 6:18 am by pjrngroup

» අපිට විතරද පායන්නේ ?
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Mar 25, 2019 9:06 pm by malanp

» Tourism sector
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Mar 25, 2019 5:47 pm by NIRMALSG

» Oman's Oil and Gas Minister Dr. Al Ruhmy arrives in Lanka.
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Mar 24, 2019 12:11 pm by Ethical Trader

» රෝගීන් වෙනුවෙන් කැප වන සෞඛ්‍ය සේවාවක් වෙනුවෙන්.....
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Mar 19, 2019 9:34 am by AjithR

» JEWS OF SRI LANKA: AN UNTOLD STORY
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Mar 19, 2019 9:22 am by කිත්සිරි ද සිල්වා

» How Small We are in the universe
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Mar 19, 2019 7:29 am by nihal123

» ඉස්සරහට අපි පරදින එකනම් ෂුවර් – ධම්මික ක්‍රිකට් ගැන කතා කරයි
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Mar 15, 2019 2:59 pm by nuwanmja

» HAYL.N0000 Hayleys PLC
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Mar 14, 2019 2:46 pm by yellow knife

» DOCK.N0000 (COLOMBO DOCKYARD PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Mar 10, 2019 8:36 pm by NIRMALSG

» GLAS.N0000 (PIRAMAL GLASS CEYLON PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Mar 10, 2019 6:40 am by ruwan326

April 2019
SunMonTueWedThuFriSat
 123456
78910111213
14151617181920
21222324252627
282930    

Calendar Calendar

Disclaimer


Information posted in this forum are entirely of the respective members' personal views. The views posted on this open online forum of contributors do not constitute a recommendation buy or sell. The site nor the connected parties will be responsible for the posts posted on the forum and will take best possible action to remove any unlawful or inappropriate posts.
All rights to articles of value authored by members posted on the forum belong to the respective authors. Re-using without the consent of the authors is prohibited. Due credit with links to original source should be given when quoting content from the forum.
This is an educational portal and not one that gives recommendations. Please obtain investment advises from a Registered Investment Advisor through a stock broker

Sri Lanka to charge 7-pct tax from banks on added value

Go down

Sri Lanka to charge 7-pct tax from banks on added value Empty Sri Lanka to charge 7-pct tax from banks on added value

Post by The Invisible on Mon Aug 20, 2018 10:43 am

ECONOMYNEXT - Sri Lanka has proposed to charge 7 percent value added style-tax from banks and finance companies, in changes proposed to the Finance Act as a so-called Debt Repayment Levy.

The proposed tax will be calculated "applying the attributable method" referred in the value added tax act 14 of 2002, the bill said.

It is not clear whether customers who take loans can recover the tax, through their value added tax payments.

Banks already pay a non-recoverable value added tax which falls mostly on salaries.

If the 'Debt Repayment Levy' is not recoverable as part of the standard value added tax regime by borrowers, the administration would have added yet another tax to the already complex system and would be going against a promise given to reduce the overall number of taxes and broadbase a few and boost compliance in bid to put the country on a faster growth path.

Including the tax in the existing VAT regime is would be consistent with the policy of base-broadening.

Banks are considered easy targets for tax, but the overall effect is to push up nominal interest costs.

The proposed changes to the law also allows for discretion to make exceptions, which critics say can lead to corruption.

"The Ministry may, having regard to the economic development of the country by Order published in the Gazette, exempt any transaction of a financial institution specified in such Order, from the payment of the Levy payable under this Part, subject to such condition as may be specified in such Order.

The Invisible
The Invisible

Posts : 878
Join date : 2016-11-28
Age : 39

Back to top Go down

Sri Lanka to charge 7-pct tax from banks on added value Empty Re: Sri Lanka to charge 7-pct tax from banks on added value

Post by nihal123 on Mon Aug 20, 2018 11:05 am

Thanks Inv
nihal123
nihal123
Top contributor
Top contributor

Posts : 5448
Join date : 2014-02-24
Age : 53
Location : Waga

Back to top Go down

Sri Lanka to charge 7-pct tax from banks on added value Empty Re: Sri Lanka to charge 7-pct tax from banks on added value

Post by Ethical Trader on Mon Aug 20, 2018 5:51 pm

Thanks.
Ethical Trader
Ethical Trader
Top contributor
Top contributor

Posts : 5079
Join date : 2014-02-28

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum