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» Coronavirus Updates
Sri Lanka to charge 7-pct tax from banks on added value EmptyToday at 9:36 am by The Invisible

» Thread for News on CSE and SL Economy
Sri Lanka to charge 7-pct tax from banks on added value EmptyYesterday at 5:21 pm by NIRMALSG

» Obituary Notice.
Sri Lanka to charge 7-pct tax from banks on added value EmptyYesterday at 12:51 pm by කිත්සිරි ද සිල්වා

» Access Engineering AEL Technical Analysis
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jun 30, 2020 11:00 am by HUNTER

»  6000 Post Club , Celebration of a Great Milestone, Slstock
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jun 30, 2020 9:35 am by slstock

» LIOC.N0000 (Lanka IOC PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jun 30, 2020 8:00 am by LSE

» How to get Access to: 104 Technical trading experiments by HUNTER
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jun 29, 2020 9:35 am by nuwanmja

» Sri Lanka to monetize tens of billions of contractor bills
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Jun 28, 2020 10:30 am by The Invisible

» CFVF - First Capital
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Jun 27, 2020 10:22 pm by HUNTER

» RCL - Royal Ceramics
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Jun 27, 2020 4:02 am by desh87

» Stocks - Banks Drag Wall Street Lower After Fed Buyback Ban; Dow Down 290
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jun 26, 2020 11:35 pm by nihal123

» Sri Lanka plans US$4bn PPP for LRT in place of Japan funded soft-loan project
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Jun 25, 2020 8:57 pm by The Invisible

» PABC.N0000 (Pan Asia Banking Corporation PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jun 24, 2020 10:37 pm by seek

» JKH.N0000
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jun 24, 2020 9:33 pm by The Invisible

» Plantation sector updates
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jun 24, 2020 10:32 am by The Invisible

» Dividend Announcements
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jun 23, 2020 4:00 pm by Rana

» In the Meantime, Within Our Shores !
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jun 23, 2020 7:30 am by Rajapaksap

» LOLC Holdings
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jun 22, 2020 3:40 pm by Rajapaksap

» Sri Lanka bank bad loans in March 2020 pick up to 5.1-pct
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jun 22, 2020 12:50 pm by The Invisible

» The Central Bank of Sri Lanka Further Reduces the Statutory Reserve Ratio
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jun 22, 2020 11:53 am by nihal123

» Sri Lanka tea prices pickup marginally mid June
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Jun 21, 2020 8:11 pm by The Invisible

» කොළඹ කොටස් වෙළඳපොළ ඩිජිටල්කරණය කිරීමේ වැඩපිළිවෙල ඇරඹෙයි
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Jun 21, 2020 12:55 pm by HUNTER

» Sri Lankans stock up, buy online in Covid-19 curfews, informal workers hard-hit: survey
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Jun 21, 2020 9:34 am by The Invisible

» Sri Lanka chicken supplies to tighten after Covid-19 crisis, maize import controls
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Jun 21, 2020 9:32 am by The Invisible

» S&P SL20 සමාගම් ලැයිස්තුවේ වෙනසක්.
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Jun 20, 2020 7:56 am by slstock

» HNB රුපියල් බිලියන 5ක ණය යෝජනා ක‍්‍රමයක් දියත් කරයි
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jun 19, 2020 10:47 pm by nihal123

» SAMP.N0000 (Sampath Bank PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jun 19, 2020 1:08 pm by dakzsl

» HAYC - Haycarb
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jun 19, 2020 12:04 pm by Rational Investor

» විශාලම ලැයිස්තුගත සමාගම් 50 විනිවිදභාවය පිළිබඳ වාර්තාවක් එළිදැක්වෙයි
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Jun 18, 2020 11:13 pm by nihal123

» HAYL.N0000 Hayleys PLC
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Jun 18, 2020 7:53 pm by NIRMALSG

» GLAS.N0000 (Piramal Glass Ceylon PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jun 17, 2020 12:29 pm by nuwanmja

» Sri Lanka bank forex funding pressures, bad loans to rise after Covid-19: Fitch
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jun 17, 2020 10:43 am by The Invisible

» Sri Lanka telecom regulator asked find businesses to use Lotus Tower
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jun 17, 2020 10:33 am by The Invisible

» Gota's Era
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jun 16, 2020 2:40 pm by puliyanam

» Fitch Revises Ratings on 11 Sri Lankan Financial
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Jun 13, 2020 11:58 am by spw19721

» Carlton Sports Network to resume broadcasts soon – Rohan Welivita
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jun 12, 2020 11:27 am by Rajapaksap

» සල්ලි අච්චු ගැසුවාද?
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jun 10, 2020 11:35 pm by nihal123

» වටිනා පාඩමක්!
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jun 10, 2020 9:58 pm by Backstage

» Sri Lanka’s General Election on August 05
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jun 10, 2020 3:08 pm by The Invisible

» Hayleys MGT
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jun 09, 2020 11:16 am by The Invisible

» AEL Access Engineering
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jun 09, 2020 11:08 am by The Invisible

» Sri Lanka import controls, cargo bottleneck hit apparel exporters
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jun 08, 2020 4:12 pm by The Invisible

» Sri Lanka tea prices ease lower, low growns drive May average to all time high
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jun 08, 2020 8:47 am by slstock

» Sri Lanka plans to allow tourists from August, no mandatory quarantine
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Jun 06, 2020 3:05 pm by Antonym

» Sri Lanka makes trillion rupee mini-budget till August under Presidential powers
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jun 05, 2020 10:48 am by The Invisible

» HHL.N0000 ( Hemas Holdings PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Jun 04, 2020 4:32 pm by Backstage

» LION.N0000 (Lion Brewery Ceylon PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Jun 04, 2020 2:21 pm by The Invisible

» කොටස්--වෙළෙඳපොළ--වැසුවාද
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jun 03, 2020 9:49 pm by nihal123

» විදෙස් ආයෝජකයින්ගේ උනන්දුව ඉහළට
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jun 03, 2020 7:38 pm by කිත්සිරි ද සිල්වා

» United Motors
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jun 03, 2020 5:26 pm by The Invisible

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

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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.

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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
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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.
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