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The Investor Sentiment - Equity and investments forum for Sri Lankans

The Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSEThe Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSE

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4 posters

    Small companies appeal to President on Rs60,000 levy

    Ukboy
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    • Post n°1

    Small companies appeal to President on Rs60,000 levy Empty Small companies appeal to President on Rs60,000 levy

    Post by Ukboy Mon Feb 15, 2016 4:09 pm

    I also think that Rs 60,000 is a bit excessive for small scale companies but don’t agree with that there should be an exemption for the companies who don’t make profits below 2 million.
    Government should have started this levy with a more manageable amount. (Ex 1st year Rs 20,000 and gradually increased to Rs 50/60k.)

    Small companies appeal to President on Rs60,000 levy

    Feb 15, 2016 (LBO) – A collective of small and medium scale private companies have appealed to the President to reduce certain levies imposed on them through the 2016 budget.

    In a letter to President, the head of this SME grouping, Gunapala Banda Konara has asked to repeal the proposal of charging a voluntary winding up fee of 60,000 rupees from companies.

    The grouping says it seems to be unfair considering the main reason of companies being wound up voluntarily is only when they go out of business and have no other option but to close down.

    The collective has also requested the President to exempt the annual license fee for companies whose annual profit after tax do not exceed more than 2 million rupees.

    They have suggested a new scheme for License Fee to be charged in par with the annual profit as shown below.
    Annual profit after tax    License Fee
    Rs. 2 to 3 Million               Rs. 20,000
    Rs. 3 to 4 Million               Rs. 30,000
    Rs. 4 to 5 Million               Rs. 40,000
    Rs, 5 to 7.5 Million       Rs. 75,000
    Rs. 7.5 to 10 Million       Rs.120,000
    Rs. 10 Million and up       Rs.200,000

    The collective further says if these levies are enforced, people will have second thoughts as to forming of companies in the future.

    However soon after the budget proposals, Deputy Secretary of Treasury S.R. Attygalle told a forum in Colombo that these new taxes on companies are necessary to meet their revenue targets this year.

    More info:
    http://www.lankabusinessonline.com/small-companies-appeal-to-president-on-rs60000-levy/


    The full text of the letter sent to President is reproduced below.
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    yellow knife
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    • Post n°2

    Small companies appeal to President on Rs60,000 levy Empty Re: Small companies appeal to President on Rs60,000 levy

    Post by yellow knife Mon Feb 15, 2016 4:51 pm

    Well when you have PVT you have to pay a tax...and certain companies are never growing ones. They got PVT so that they can run the business in a good format and maintain current accounts .

    Now some such local businesses with no intention of growing have stroked off the name from RoC and cancelled current accounts and still operate with On Approval Bills.

    As I understand the budget proposal has not studied the small business issue seriously.
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    balapas
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    • Post n°3

    Small companies appeal to President on Rs60,000 levy Empty Re: Small companies appeal to President on Rs60,000 levy

    Post by balapas Mon Feb 15, 2016 6:35 pm

    Here is the budget proposal 

    Company Registration Fee : Every company registered with the Registrar of Companies will be subjected to an Annual License fee of: 
    - Private Companies Rs 60, 000 
     - Public Quoted Companies Rs 500,000 - Other Rs 100,000 (Including companies non - functioning) and payable to the Registrar of Companies. 
    (vii) Company Registration Fees: The present rates will be revised with effect from January 1, 2016. 
    (viii) Voluntary liquidation of a company: Rs 250,000/- will be charged on liquidation. 

    The annual fee maybe aimed at collecting money from tax dodgers who manipulate the accounts some how and never pay or pay less. However this can have an adverse effect too. 

    Just to let you know the Rs250,000 charge on liquidation can be avoided for non operating companies if proper documentation is provided through a lawyer. A friend of mine did this. The LBO article says winding up fee is rs60,000 but looks like a printing mistake.
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    Hybrid
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    • Post n°4

    Small companies appeal to President on Rs60,000 levy Empty Re: Small companies appeal to President on Rs60,000 levy

    Post by Hybrid Mon Feb 15, 2016 7:17 pm

    balapas wrote:Here is the budget proposal 

    Company Registration Fee : Every company registered with the Registrar of Companies will be subjected to an Annual License fee of: 
    - Private Companies Rs 60, 000 
     - Public Quoted Companies Rs 500,000 - Other Rs 100,000 (Including companies non - functioning) and payable to the Registrar of Companies. 
    (vii) Company Registration Fees: The present rates will be revised with effect from January 1, 2016. 
    (viii) Voluntary liquidation of a company: Rs 250,000/- will be charged on liquidation. 

    The annual fee maybe aimed at collecting money from tax dodgers who manipulate the accounts some how and never pay or pay less. However this can have an adverse effect too. 

    Just to let you know the Rs250,000 charge on liquidation can be avoided for non operating companies if proper documentation is provided through a lawyer. A friend of mine did this. The LBO article says winding up fee is rs60,000 but looks like a printing mistake.

    Balapas has got the idea well understood.
    I like to add that the government needs to get all retailers to pay a relative tax just as any ordinary citizen has to pay( VAT / TT) on the purchase of any item. Get all the retailers into their 'nets' and make all retailers pay a certain Tax just like the PAYE scheme in proportion to their income and with the necessary tax rate thresholds.

    That's the fair methodology in treating all citizens alike.
    The retailers get less than 20% cut from the MRP of an item. That is big. So you can imagine how much the tax man is losing today!

    That is why the govt. has a deficit in the fiscal budget and get all the professionals who are the biggest tax dodgers also into the net.

    If the big guys go free, don't do it to the small guys as well.

    The day equality is brought into the law, that's the day things will function well.
    Or else we will be only creating hot air and the environment is going to worsen.
    lol!
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