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

Display results as :
 


Rechercher Advanced Search

Latest topics
» Resus Energy වැඩි බලය Trydan Partners යටතට
Yesterday at 6:13 pm by Ethical Trader

» Dividend Announcement
Yesterday at 6:12 pm by Ethical Trader

» Laughter the Best Medicine
Yesterday at 12:00 pm by කිත්සිරි ද සිල්වා

» JINS.N0000 ( Janashakthi Insurance PLC)
Yesterday at 10:06 am by CK

» බුද්ධ භවනා
Thu Feb 22, 2018 2:35 pm by Ethical Trader

» Happy Birthday
Wed Feb 21, 2018 7:28 pm by The Alchemist

» හවුල් ආණ්ඩුව තවදුරටත් පවතින බව පාර්ලිමේන්තුවට දන්වයි
Wed Feb 21, 2018 5:17 pm by Ethical Trader

» ජීවිතය පටන් ගන්නේ 60න්
Wed Feb 21, 2018 3:14 pm by lanka

» EAP ගනුදෙනුවේ සැඟවුණු ගැනුම්කරු හෙළිවෙයි
Wed Feb 21, 2018 2:39 pm by lanka

» මිලියන 4,000 ක අකිලගේ ටැබ් කොන්ත්‍රාත්තුව අබාන්ස්ට
Tue Feb 20, 2018 7:55 pm by nihal123

» Dhananath Fernando wins $ 10,000 for Sri Lanka in Think Tank Shark Tank in Asia
Mon Feb 19, 2018 11:35 am by Ethical Trader

» උදයංග වීරතුංග රැගෙන ඒමට පොලිස් නිලධාරීහු ඩුබායි වෙත
Mon Feb 19, 2018 8:24 am by soileconomy

» ධම්මික පෙරේරා කෝටි 16 ක කාරයක් ගෙනෙයි
Sat Feb 17, 2018 9:31 pm by soileconomy

» ආර්ථික අර්බුදය ඉක්මවා ගිය දේශපාලන අර්බුදය හමුවේ 'රුපියල'
Fri Feb 16, 2018 7:00 pm by Ethical Trader

» SAMP.N0000 (SAMPATH BANK PLC)
Fri Feb 16, 2018 2:18 pm by Ethical Trader

» APLA.N0000 (ACL PLASTICS PLC)
Fri Feb 16, 2018 11:12 am by pjrngroup

» විගණකාධිපතිගේ 2016 වාර්තාව මෙන්න
Tue Feb 13, 2018 12:31 pm by Ethical Trader

» Boost for foreign investment in Govt. securities
Thu Feb 08, 2018 12:45 pm by Ethical Trader

» අනිලානා පුද්ගලික නිකුතුවට කොටස්කරුවන්ගේ සහාය පතයි
Thu Feb 08, 2018 9:28 am by The Invisible

» CCS.N0000 ( Ceylon Cold Stores)
Wed Feb 07, 2018 7:39 pm by Ethical Trader

» ලෝක ආර්ථිකය කඩා වැටෙද්දී එහි බලපෑම කොළඹට දැනුන හැටි
Tue Feb 06, 2018 11:13 pm by nihal123

» තෙල් මිලේ වැඩිවීමෙන් ගුවන් ටිකට් මිල නගී
Tue Feb 06, 2018 11:04 pm by Ethical Trader

» ජනාධිපති පරීක්ෂණ කොමිෂන් සභාවෙන් ලද, සිංහල භාෂාමය වාර්තා තිස් හතර (34)
Tue Feb 06, 2018 11:04 pm by Ethical Trader

» විල්පත්තු "වන විනාශය": පෙත්සම සලකා බැලීමට අධිකරණයේ අවසර
Mon Feb 05, 2018 9:10 pm by nihal123

» බැඳුම්කරය: ඇලෝසියස් සහ පළිසේන අත්අඩංගුවට
Mon Feb 05, 2018 9:08 pm by nihal123

» TPL.N0000 (TALAWAKALE PLANTATIONS )
Sat Feb 03, 2018 1:02 pm by bear

» ජනශක්ති ගනුදෙනුව තීන්දුයි. වටිනාකම රුපියල් බිලියන 16 යි
Fri Feb 02, 2018 7:57 pm by nihal123

» කොළඹ කොටස් අසාමූහිකරණ පනත පාර්ලිමේන්තුවට
Fri Feb 02, 2018 5:42 pm by Ethical Trader

» BBC කණ්ඩායමක් තාලිබාන් පාලන කලාපයකට ඇතුල් වෙති
Thu Feb 01, 2018 5:05 pm by Ethical Trader

» වර්ෂ 152 කට පසු දර්ශනය වන 'සුපිරි නීල රුහිරු සඳ'
Thu Feb 01, 2018 4:58 pm by Ethical Trader

» ලංකා බැංකුවට අයත් ජනශක්ති හිමිකම විකුණයි
Thu Feb 01, 2018 4:54 pm by Ethical Trader

» අයවැය ක්‍රියාත්මක කිරීමේ දී පාර්ලිමේන්තුවේ අධීක්ෂණය දුර්වලයි
Thu Feb 01, 2018 4:52 pm by Ethical Trader

» ජනපති හා ADB අධ්‍යක්ෂ මණ්ඩල සාමාජිකයින් අතර හමුවක්
Thu Feb 01, 2018 4:51 pm by Ethical Trader

» තවත් කොටස් තැරැව්කාර සමාගමක් වසා දමයි
Thu Feb 01, 2018 4:50 pm by Ethical Trader

» ජනපතිගේ රැලිය ආවරණය කිරීමට ගිය මාධ්‍යවේදීන්ට "තර්ජන"
Wed Jan 31, 2018 6:59 pm by soileconomy

» Bank of Ceylon divests stake in Janashakthi Insurance
Tue Jan 30, 2018 3:58 pm by TraderCSE

» වෛද්‍ය වර්ජනය: රජයේ වෛද්‍ය නිලධාරීන්ගේ සංගමයේ ඉල්ලීම් මොනවාද?
Mon Jan 29, 2018 6:36 pm by Ethical Trader

» නිවුන් අලි උපත්: මේ කරුණු දැන සිටියාද?
Mon Jan 29, 2018 12:14 pm by Ethical Trader

» Perpetual Treasuries
Mon Jan 29, 2018 7:43 am by Danidu

» කලා කෘතියක් ඉල්ලූ ජනාධිපති ට්‍රම්ප් වෙත 'රන් වැසිකිලියක්' - වාර්තා
Sat Jan 27, 2018 6:37 pm by Ethical Trader

» TJL.N0000 (Textured Jersey Lanka PLC.)
Fri Jan 26, 2018 6:32 pm by Ethical Trader

» සේවා ස්ථානයේ අරියාදු සහ අඩන්තේට්ටම් : 'බුලි' වුණොත් මොකද කරන්නේ?
Thu Jan 25, 2018 5:02 pm by Ethical Trader

» RULES ON ALL OR NONE (AON) BLOCKS
Thu Jan 25, 2018 4:55 pm by Ethical Trader

» Time is of essence in dealing with dengue:Expert, Recent deaths could be due to patients "coming in late" for treatment
Thu Jan 25, 2018 2:08 pm by AjithR

» නියම බුදු දහම
Thu Jan 25, 2018 12:42 pm by Ethical Trader

» "දූෂණය" ගැන මහින්ද රාජපක්ෂට නඩු පවරන්න - ජනාධිපති කොමිසම
Wed Jan 24, 2018 7:04 pm by Ethical Trader

» හිඟයක් වැළැක්වීමට ලේ දන් දෙන්න: ජනතාව වෙත ඉල්ලීමක්
Tue Jan 23, 2018 7:12 pm by Ethical Trader

» බලාගෙනයි, 'ගුවනින් අසූචි'!
Tue Jan 23, 2018 7:10 pm by Ethical Trader

» සිව් හෙලයේ ඉතිහාසය නිවැරදි කිරීම
Tue Jan 23, 2018 11:51 am by Ethical Trader

» ප්‍රගීත් එක්නැලිගොඩ: "ෆයිල් අතුරුදහන්වීම" ගැන සන්ධ්‍යා හමුදාපතිට කිවූ දේ
Thu Jan 18, 2018 12:13 pm by Ethical Trader

February 2018
SunMonTueWedThuFriSat
    123
45678910
11121314151617
18192021222324
25262728   

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

Ravi K ratchets up hopes

Go down

Ravi K ratchets up hopes

Post by Backstage on Tue Nov 01, 2016 11:15 am

Ravi K ratchets up hopes

Tuesday, 1 November 2016 00:52


Reveals at Daily FT-Colombo Uni MBA Alumni Forum that Budget 2017 will focus on consistency and coherence
Defends Budget 2016, says deficit target met aided by robust revenue collection despite VAT delay
Tax collection more efficient, to open key sectors
Housing to get boost, 22 projects to be tendered, anti-dumping legislation in January

By Charumini de Silva

As the days tick down for Budget 2017 Finance Minister Ravi Karunanayake yesterday stepped forward on tax issues, insisting that the Government would focus on a “consistent and coherent” system as well as opening up space for key investment areas including housing and the implementation of anti-dumping legislation in January.

Responding to issues, suggestions and comments from the business community at the sixth consecutive annual pre-Budget forum jointly organised by the Daily FT and the Colombo MBA Alumni Association and supported by the Standard Chartered Bank, the Finance Minister fought hard for the policies of the Government and acknowledged several points including efficient collection had been successfully upgraded by the Government.


“VAT certainly is a tax that was accepted by many. Don’t say it was because the IMF came here and ordered us. Even if Kim Jong-un from North Korea comes here and tells us what is correct, we will do it. Trying to say that the IMF told us is something that we want to put a stop to. We are a sovereign nation, we are professionals, and we don’t need foreigners to tell us how to run our economy. We certainly can do better than them,” he said.

“Today, I’m proud to say that we have managed to collect money that is due. Today revenue is 13.6% of GDP and we are expecting 15% next year. This shows that this is through pure collection. A good example is excise. Excise which was Rs. 40 billion in 2014 is Rs. 160 billion as of today; you can see a 400% increase. Today everybody is made to pay. Customs also had revenue of only Rs. 450 to Rs. 500 billion which has reached Rs. 800 billion now. Inland Revenue, which generated Rs. 350 billion, now has roughly Rs. 600 billion. We are getting things moving. One of the most satisfying things we can see is that people have responded that there is a need to pay taxes.”


Karunanayake also explained that many of the taxes outlined in Budget 2016 could not be implemented because of numerous court cases lodged against them resulting in a significant loss of revenue, which the Government had leveraged against by taxing previously exempted sectors. He also pointed out that private healthcare had been given concessions from the VAT increase of 15% by the Government taxing gold transactions.

“2016 was a year where we expected to consolidate certain things and in revenue terms we certainly did it. Even though we were unable to collect VAT from 13 May 2016 and collect roughly Rs.100 billion we have not been able to do so. From November to December we will only be able to collect around Rs. 12 billion. There is a gap but there is a tremendous increase in other revenue collection. So we could keep the budget deficit at the 5.4% that we outlined.”


Despite the challenges, the Government has refused to budge from its fiscal consolidation process, a point Karunanayake called on rating organisations to take note of when they were evaluating the economy.

“It is going to be a revolutionary budget looking at all sectors. If everybody is paying their share of taxes there is no need to rob from anybody to give to the poor,” he said.

One crucial inclusion in Budget 2017 would be encouragement for the housing sector as the Government has identified the need for about 500,000 houses. The Finance Minister noted that tenders for 22 projects would be called with the Government providing the land and later buying back the houses. Karunanayake also hinted that the Budget would facilitate paying students in higher education and aid entreport trade. He reiterated that banks should move out of leasing-related activities.
avatar
Backstage
Top contributor
Top contributor

Posts : 3228
Join date : 2014-02-24

Back to top Go down

Re: Ravi K ratchets up hopes

Post by Backstage on Tue Nov 01, 2016 11:18 am

"He reiterated that banks should move out of leasing-related activities."



avatar
Backstage
Top contributor
Top contributor

Posts : 3228
Join date : 2014-02-24

Back to top Go down

Back to top


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