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Please watch Ada Derana Wada pitiya about discussions on interim budget proposals by representative from Chamber of Commerce, Professors and key business professionals.
The government finances over 50% of the shortfall out of this super gain tax targeting only a few companies. Key points:
1) Retrospective taxing is unethical and illegal. No government has done such a cheap thing before
2) This give wrong signals to foreign investors. They will hesitate to invest in Sri Lanka due to unpredictable huge taxes
3) Companies can't plan and work as per their annual budget
4) Ravi Karunanayake indicated several times during his budget speech that they target big companies who has ill-gotten money. How can he make such a statement. Our banks and blue chips have best controls. This is creating bad image about the blue chips who create lots of jobs and who pay highest taxes.
5) Ravi Karunanayake thinks making profit is bad and companies should not make big profits and expand.
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