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» Laughter the Best Medicine
Yesterday at 5:03 pm by Ethical Trader

» සිව් හෙලයේ ඉතිහාසය නිවැරදි කිරීම
Yesterday at 1:03 pm by කිත්සිරි ද සිල්වා

» Dividend Announcement
Yesterday at 11:47 am by Rana

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

» China offers best chance for SL development: CB
Thu Jan 18, 2018 9:27 am by කිත්සිරි ද සිල්වා

»  බැඳුම්කර වාර්තාව
Wed Jan 17, 2018 6:58 pm by කිත්සිරි ද සිල්වා

» "මිසයිල් අනතුරු ඇඟවීම වැරදි බොත්තමක් එබීමෙන්"
Tue Jan 16, 2018 1:19 pm by nihal123

» ඉන්දියාවේ ශ්‍රේෂ්ඨාධිකරණ විනිසුරුවෝ අගවිනිසුරුට එරෙහිව ප්‍රවෘත්ති සාකච්ඡාවක
Mon Jan 15, 2018 2:06 pm by Ethical Trader

» එක්කෝටි විසි ලක්ෂයකට අධික ළදරු කිරිපිටි ඇසුරුම් ආපසු කැඳවයි
Mon Jan 15, 2018 2:00 pm by Ethical Trader

» ට්‍රම්ප්ගේ "ජාතිවාදී" භාෂාව ගැන කෝපය පළ වේ
Sun Jan 14, 2018 5:32 pm by කිත්සිරි ද සිල්වා

» විශ්මිත නිර්මාණ එළිදැක්වූ ලෝකයේ විශාලතම තාක්ෂණික ප්‍රදර්ශනය
Sat Jan 13, 2018 12:12 pm by Ethical Trader

» CCTV මගින් රථවාහන දඩ: අත්හදා බැලීම පෙබරවාරියේ
Sat Jan 13, 2018 11:00 am by Ethical Trader

» Six-year term for President Sirisena: AG tells Supreme Court
Fri Jan 12, 2018 6:11 pm by Ethical Trader

» US revamps travel warning system; SL gets an okay
Fri Jan 12, 2018 6:09 pm by Ethical Trader

» Term of a Dictator
Fri Jan 12, 2018 6:02 pm by Ethical Trader

» නියම බුදු දහම
Fri Jan 12, 2018 2:44 pm by Ethical Trader

» මන්ත්‍රී විමල්ට අධිචෝදනා පත්‍ර භාර දුන්නේ ඇයි?
Thu Jan 11, 2018 5:31 pm by Ethical Trader

» SEYB.N0000 ( SEYLAN BANK PLC )
Thu Jan 11, 2018 5:25 pm by Ethical Trader

» 2008 -2014 බැඳුම්කර නිකුතු ගැන මහින්ද ප්‍රකාශයක් සිදු කළ යුතුයි - රනිල්
Thu Jan 11, 2018 12:00 pm by yellow knife

» ලෝකයේ රටවල් දෙකක මහා දේශගුණික වෙනස
Wed Jan 10, 2018 5:58 pm by Ethical Trader

» ඉතිහාසයේ පළමු වරට කොටස් වෙළෙඳපොළෙන් ත්‍රිත්ව ශතකයක්
Wed Jan 10, 2018 5:45 pm by Ethical Trader

» RICH N.0000 Richard Pieris and company PLC
Mon Jan 08, 2018 6:14 pm by Ethical Trader

» බැඳුම්කරය: මහින්දගෙන් ප්‍රශ්න කරන්න ජනමාධ්‍ය බයද? - රනිල්
Mon Jan 08, 2018 11:58 am by කිත්සිරි ද සිල්වා

» ලංකාවේ සුපිරිම දුම්රිය ස්ථානය
Sun Jan 07, 2018 5:33 pm by spw19721

» බැඳුම්කර කොල්ලයේ හෙළි වූ හොරු මෙන්න
Sun Jan 07, 2018 11:07 am by Ethical Trader

» අගමැති නිදොස් යයි කීම "ස්වයංවින්දනයක්ද?"
Sun Jan 07, 2018 10:51 am by Ethical Trader

» නව බදු : සෞදි බලධාරීන්ගෙන් තවත් පියවරක්
Sun Jan 07, 2018 10:48 am by Ethical Trader

» දුප්පත්කමින් එතෙරවීමට ඉනිමං බඳින චීනය
Sun Jan 07, 2018 10:45 am by Ethical Trader

» "නාන්න අවසර විනාඩි දෙකයි"
Sun Jan 07, 2018 10:39 am by Ethical Trader

» බැඳුම්කර කොමිසමේ නිර්දේශ ක්‍රියාත්මක කරන්න - අගමැතිගෙන් උපදෙස්
Sat Jan 06, 2018 7:24 pm by කිත්සිරි ද සිල්වා

» "Politically Black": බ්‍රිතාන්‍යයේ ජාතිවාදයට එරෙහිව සටන් වැදුණු ශ්‍රී ලාංකිකයා
Sat Jan 06, 2018 12:26 pm by Ethical Trader

» 'ෆයර් ඇන්ඩ් ෆියුරි' බොරුවෙන් පිරිලා - ට්‍රම්ප්
Sat Jan 06, 2018 12:22 pm by Ethical Trader

» සුනඛයෙකුට කළ ප්‍රතිකාරයකින් බිම් බෝම්වලට ගොදුරුවූවන්ට "නව බලාපොරොත්තුවක්"
Fri Jan 05, 2018 7:51 pm by කිත්සිරි ද සිල්වා

» රවිට නඩු, රනිල්ට තරවටු, සියලු පාඩු අයකර ගැනීමට පියවර- ජනපති කියයි..
Thu Jan 04, 2018 6:24 pm by Ethical Trader

» බැඳුම්කර කොමිසමේ නිර්දේශ: "අගමැතිතුමා නිර්දෝෂී බව කොමිසම සනාථ කළා"
Thu Jan 04, 2018 3:27 pm by CK

» "බරපතල වංචා, දූෂණ" කොමිෂන් වාර්තාවත් ජනපතිට භාර දෙයි
Thu Jan 04, 2018 10:06 am by Ethical Trader

» Banking Sector Outlook-
Thu Jan 04, 2018 10:01 am by Ethical Trader

» දූෂණ පරීක්ෂණවලට තිරිංග දැම්මේ කවුද?
Wed Jan 03, 2018 6:37 pm by CK

» 2018 Calander
Wed Jan 03, 2018 11:07 am by Ethical Trader

» CSE Holidays - 2018
Wed Jan 03, 2018 11:03 am by Ethical Trader

» CB action taken on ailing finance companies.
Wed Jan 03, 2018 10:43 am by Ethical Trader

» World’s Most Toxic Food
Wed Jan 03, 2018 10:28 am by කිත්සිරි ද සිල්වා

» Tempolten's 22 Principles for successful Investments.
Wed Jan 03, 2018 10:18 am by Ethical Trader

» සෞදි අරාබිය සහ එක්සත් අරාබි එමීරය පළමු වරට බදු හඳුන්වා දෙති
Tue Jan 02, 2018 7:14 pm by කිත්සිරි ද සිල්වා

» ඉරානය- මරණ විසි ගණනක්; සිය ගණනක් අත්අඩංගුවේ
Tue Jan 02, 2018 7:12 pm by කිත්සිරි ද සිල්වා

» ස්වර්ණමහල් සහ ඊටීඅයි ෆිනෑන්ස් සමාගම් මහ බැංකුවේ නියාමනයට
Tue Jan 02, 2018 7:10 pm by කිත්සිරි ද සිල්වා

» යාචක තහනම: "යාචකයන්ට දිනකට රු 1,500ක රැකියා"
Tue Jan 02, 2018 7:10 pm by Ethical Trader

» Ouch !
Mon Jan 01, 2018 6:33 am by spw19721

» Flying is the Safest mode of Transport
Sun Dec 31, 2017 8:50 am by කිත්සිරි ද සිල්වා

» What would it be?
Sat Dec 30, 2017 6:04 pm by කිත්සිරි ද සිල්වා

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Ceylon Chamber of Commerce demands talks on new Sri Lanka tax law

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Ceylon Chamber of Commerce demands talks on new Sri Lanka tax law

Post by Backstage on Mon Mar 13, 2017 2:42 pm

Ceylon Chamber of Commerce demands talks on new Sri Lanka tax law
Mar 13, 2017

ECONOMYNEXT – The Ceylon Chamber of Commerce has said the government should have public consultations before presenting its new Inland Revenue Bill that is to be implemented next month.

“Given the wide implications of a new Act governing the Inland Revenue regime, on business operations and investor confidence, we believe that consultations with the private sector is important, prior to finalizing a new statute,” a statement said.

It referred to a statement by an International Monetary Fund team which held talks with the government last week that “…advancing the legislative process for the new Inland Revenue Act, with effective public consultations, is a critical step towards rebalancing the tax system toward a more predictable, efficient and equitable structure”.

The Chamber said it “fully supports” efforts to modernize the tax system in terms of tax policy, tax law, and tax administration.

The Ceylon Chamber of Commerce made submissions last week to the Government containing recommendations and observations on the proposed new Inland Revenue Bill.

“We look forward to an early opportunity to engage with the authorities to discuss our suggestions and concerns and hope that the Ministry of Finance and the Inland Revenue Department opens up this space,” the statement said.

It said the Chamber was alerted by its members that the Government is in the process of formulating a new Inland Revenue Bill, to be implemented with effect from 1 April 2017.

The Taxation Steering Committee of the Chamber which has member representation across many sectors, and is of professionals with tax expertise, met several times to discuss and compile a set of observations and recommendations on the draft bill.
(COLOMBO, March 13, 2017)
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Re: Ceylon Chamber of Commerce demands talks on new Sri Lanka tax law

Post by Backstage on Tue Mar 14, 2017 9:06 am

CCC wants Govt. talks on Inland Revenue Bill

Tuesday, 14 March 2017 00:10

Seeks engagement with Finance Ministry to discuss recommendations and concerns
Wide-ranging changes to come into effect on 1 April
Weighs in with 11-page document highlighting many issues including tax on capital, levying of capital gains tax, credit on Withholding tax



The Ceylon Chamber of Commerce (CCC) yesterday said it had submitted a series of recommendations to the Government on the proposed Inland Revenue Bill and sought to open up space for engagement with the Finance Ministry and Inland Revenue Department ahead of its implementation.

“Given the wide implications of a new Act governing the Inland Revenue regime, on business operations and investor confidence, we believe that consultations with the private sector is important, prior to finalizing a new statute,” a statement from the CCC said.

It also referred to the recent International Monetary Fund (IMF) statement issued on 7 March 2017 winding up its Sri Lanka Mission, that said: “…advancing the legislative process for the new Inland Revenue Act, with effective public consultations, is a critical step towards rebalancing the tax system toward a more predictable, efficient and equitable structure.”

The Chamber was alerted by its members that the Government is in the process of formulating a new Inland Revenue Bill, to be implemented with effect from 1 April 2017.

The Taxation Steering Committee of the Chamber, which has member representation across many sectors, and has all professionals with expertise in this area, met several times, deliberated on it in detail and compiled a set of comprehensive observations and recommendations on the draft bill. As with all Chamber submissions, the viewpoint was of the entire private sector, but bearing in mind national needs for enhancing revenue, the statement added.

“The Chamber fully supports efforts to modernise the tax system - both in terms of tax policy, tax law and tax administration. We look forward to an early opportunity to engage with the authorities to discuss our suggestions and concerns and hope that the Ministry of Finance and the Inland Revenue Department opens up this space.”

Among the main points raised by the CCC in its recommendations, which were seen by the Daily FT, is the method of claiming capital allowances. Referring to the Generally Accepted Accounting Principles, the CCC recommendations point out that the current act deals with capital assets fairly easily but that the new legislation “complicates” the process.

“In the new Act the method of claiming capital allowances, the sale of the asset and treatment of the resulting gain/loss has been unnecessarily complicated. If section 25 of the current Act is maintained then complication introduced by the new Act can be avoided. In fact there is one schedule and a chapter unnecessarily allocated for capital assets when this could be dealt with very simply under the current Act,” it said.

“In the new Act no credit is granted for Withholding Tax deducted on interest income arising on treasury bills, Cooperate debt securities and on fixed deposits for companies. As a result the effective tax rate of investment income in the above instruments for a corporate will be around 38% (28% and 14%). If no credit were granted against tax deducted on interest income, such law would be against all forms of equity and justice.”

Several concerns have also been raised with regard to dividends, EPF and terminal benefits paid to employees and interest income for individuals. The 11-page document, which can be found on the CCC website, also deals with interpretation of tax laws, the definition of final withholding tax, insurance business and the registration of transfer of capital assets.

On the sale of shares in public quoted companies, “The new Act appears to be exempting from income tax the gains arising on the sale of shares only if it is held as an investment. However, the understanding with the Minister was to maintain the current status and exempt the gains from the sale of a quoted share whether it is business or investment and whether it arises to an individual or a company,” the CCC proposal said. It also wants changes on how capital gains tax would be levied.
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