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» අනං මනං! #/+?.<>
Sri Lanka to charge 7-pct tax from banks on added value EmptyToday at 3:31 pm by nihal123

» Thread for News on CSE and SL Economy
Sri Lanka to charge 7-pct tax from banks on added value EmptyToday at 9:04 am by ruwan326

» Devolution of power, civil wars, altruism, nepotism in animal world
Sri Lanka to charge 7-pct tax from banks on added value EmptyYesterday at 1:22 pm by yellow knife

» East West properties
Sri Lanka to charge 7-pct tax from banks on added value EmptyYesterday at 12:06 pm by yellow knife

» RCL - Royal Ceramics
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Oct 14, 2019 12:47 pm by seek

» Performance of the Market-Weekly
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Oct 12, 2019 4:29 am by ruwan326

» Confidence to boom after election – CBSL Governor
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Oct 11, 2019 4:09 pm by Backstage

» Sri Lanka among top 20 rising stars of world trade
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Oct 11, 2019 4:08 pm by Backstage

» CLND Not to miss
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Oct 10, 2019 9:24 am by ruwan326

» Dividend Announcement
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Oct 09, 2019 4:59 pm by Rana

» අපි නොදන්න ගීතයක කතාව
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Oct 04, 2019 11:55 am by nuwanmja

» මූඩීස් ප්‍රකාශය පිළිගන්න බැහැ – මහ බැංකුව කියයි
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Oct 02, 2019 6:46 am by nihal123

» ආර්ථික වර්ධනය 2.7% ට බසී
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Oct 01, 2019 1:29 pm by nihal123

» Ranil agrees to give Sajith candidacy - AdaDetana
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Sep 26, 2019 5:05 pm by mymoney

» Cracks in the Real Estate Sector
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Sep 26, 2019 2:44 pm by chutiputha

» Films - To Watch List
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Sep 20, 2019 8:38 am by Topcat

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Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Sep 20, 2019 7:53 am by serene

» DOCK.N0000 (COLOMBO DOCKYARD PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Sep 19, 2019 4:33 pm by nuwanmja

» Easter Sunday Attack and Sri Lanka
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Sep 19, 2019 12:49 pm by Ethical Trader

» Trading Journal
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Sep 18, 2019 9:01 am by CK

» Thought for the day...
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Sep 17, 2019 5:44 pm by sashimaal

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Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Sep 09, 2019 7:47 pm by nihal123

» Happy Birthday
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Sep 09, 2019 10:54 am by nuwanmja

»  Rajgama Heroes !
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Sep 07, 2019 10:24 am by කිත්සිරි ද සිල්වා

» Yahoo mail
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Sep 06, 2019 5:38 pm by Rana

» Thread for News on International Markets
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Sep 06, 2019 9:50 am by The Invisible

» JINS.N0000 ( Janashakthi Insurance PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Sep 06, 2019 9:47 am by The Invisible

» Browns Investments update
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Sep 06, 2019 6:00 am by sanjulanka

» Hayleys MGT
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Sep 06, 2019 5:55 am by The Invisible

» SEYB.N0000 ( SEYLAN BANK PLC )
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Sep 05, 2019 8:47 pm by soileconomy

» Tourism Sector
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Sep 05, 2019 6:08 pm by NIRMALSG

» TJL.N0000 (Textured Jersey Lanka PLC.)
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Sep 03, 2019 6:12 pm by Ethical Trader

» UBC Union Bank of Colombo
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Sep 03, 2019 12:09 pm by The Invisible

» Obituary Notice.
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Sep 02, 2019 10:34 pm by කිත්සිරි ද සිල්වා

» Thread for News on Local and Foreign Politics
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Aug 31, 2019 5:13 pm by The Invisible

» Sri Lanka bank profitability under pressure: Moody’s
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Aug 31, 2019 8:44 am by The Invisible

» ‘වැඩකාරයාගේ නමත් සිරිසේන’ කියලා හිනාවුණා
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Aug 30, 2019 4:05 pm by sanjulanka

» 8000 Post Club | Celebration of a Great Milestone කිත්සිරි ද සිල්වා
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Aug 29, 2019 7:17 pm by කිත්සිරි ද සිල්වා

» In the Meantime, Within Our Shores !
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Aug 29, 2019 10:37 am by කිත්සිරි ද සිල්වා

» Sri Lanka to call for bids to develop Mannar Basin natural gas find
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Aug 27, 2019 4:32 pm by nuwanmja

» “බිරිඳගේ සහ පෙම්වතියගේ වෙනස මොකක්ද?”
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Aug 25, 2019 11:51 pm by sanjulanka

» The Central Bank of Sri Lanka Reduces its Policy Interest Rates
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Aug 24, 2019 4:26 am by Ethical Trader

» JKH - 155/00 Breakout is pending
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Aug 23, 2019 2:21 pm by pjrngroup

» Tokyo as at 21.08.2019 Morning
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Aug 21, 2019 10:07 am by nisashi

» What Would You Do?
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Aug 19, 2019 1:02 pm by කිත්සිරි ද සිල්වා

» Back of the Legends
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Aug 19, 2019 10:13 am by Topcat

» NTB.N0000 (NATIONS TRUST BANK PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Aug 18, 2019 10:33 pm by lanka

» Melstacorp (MELS)
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Aug 18, 2019 8:33 pm by The Invisible

» Cargills (CARG)
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Aug 18, 2019 8:26 pm by The Invisible

» SHL.N0000 (Softlogic Holdings PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Aug 18, 2019 8:14 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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