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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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» CCS.N0000 ( Ceylon Cold Stores)
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyWed Mar 20, 2024 11:31 am by Hawk Eye

» Sri Lanka plans to allow tourists from August, no mandatory quarantine
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyWed Sep 13, 2023 12:16 pm by lauryfriese

» When Will It Be Safe To Invest In The Stock Market Again?
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyWed Apr 19, 2023 6:41 am by කිත්සිරි ද සිල්වා

» Dividend Announcements
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyWed Apr 12, 2023 5:41 pm by කිත්සිරි ද සිල්වා

» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyThu Apr 06, 2023 3:18 pm by කිත්සිරි ද සිල්වා

» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්‍රතික්ෂේප කළ ගණිතඥයා
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptySun Apr 02, 2023 7:28 am by කිත්සිරි ද සිල්වා

» SEYB.N0000 (Seylan Bank PLC)
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyThu Mar 30, 2023 9:25 am by yellow knife

» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
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» The Korean Way !
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyWed Mar 29, 2023 7:09 am by කිත්සිරි ද සිල්වා

» In the Meantime Within Our Shores!
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyMon Mar 27, 2023 5:51 pm by කිත්සිරි ද සිල්වා

» What is Known as Dementia?
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyFri Mar 24, 2023 10:09 am by කිත්සිරි ද සිල්වා

» SRI LANKA TELECOM PLC (SLTL.N0000)
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyMon Mar 20, 2023 5:18 pm by කිත්සිරි ද සිල්වා

» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyMon Mar 20, 2023 5:10 pm by කිත්සිරි ද සිල්වා

» Equinox ( වසන්ත විෂුවය ) !
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyMon Mar 20, 2023 4:28 pm by කිත්සිරි ද සිල්වා

» COMB.N0000 (Commercial Bank of Ceylon PLC)
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptySun Mar 19, 2023 4:11 pm by කිත්සිරි ද සිල්වා

» REXP.N0000 (Richard Pieris Exports PLC)
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptySun Mar 19, 2023 4:02 pm by කිත්සිරි ද සිල්වා

» RICH.N0000 (Richard Pieris and Company PLC)
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptySun Mar 19, 2023 3:53 pm by කිත්සිරි ද සිල්වා

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» LAXAPANA BATTERIES PLC (LITE.N0000)
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyThu Mar 16, 2023 11:23 am by කිත්සිරි ද සිල්වා

» What a Bank Run ?
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyWed Mar 15, 2023 5:33 pm by කිත්සිරි ද සිල්වා

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Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyWed Mar 15, 2023 4:27 pm by katesmith1304

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Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyWed Mar 15, 2023 7:45 am by කිත්සිරි ද සිල්වා

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Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyTue Mar 14, 2023 5:32 pm by කිත්සිරි ද සිල්වා

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Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptySun Mar 12, 2023 4:46 pm by කිත්සිරි ද සිල්වා

» TJL.N0000 (Tee Jey Lanka PLC.)
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptySun Mar 12, 2023 4:43 pm by කිත්සිරි ද සිල්වා

» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptySun Mar 12, 2023 4:41 pm by කිත්සිරි ද සිල්වා

» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyFri Mar 10, 2023 4:43 pm by yellow knife

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» CSD.N0000 (Seylan Developments PLC)
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyFri Mar 10, 2023 10:38 am by yellow knife

» PLC.N0000 (People's Leasing and Finance PLC)
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyThu Mar 09, 2023 8:02 am by කිත්සිරි ද සිල්වා

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» NTB.N0000 (Nations Trust Bank PLC)
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptySun Mar 05, 2023 7:24 am by කිත්සිරි ද සිල්වා

» Going South
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptySat Mar 04, 2023 10:47 am by කිත්සිරි ද සිල්වා

» When Seagulls Follow the Trawler
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyThu Mar 02, 2023 10:22 am by කිත්සිරි ද සිල්වා

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Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptySat Feb 25, 2023 5:12 pm by කිත්සිරි ද සිල්වා

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Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyTue Jan 03, 2023 6:43 pm by ruwan326

» SAMP.N0000 (Sampath Bank PLC)
Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyWed Nov 30, 2022 8:24 am by කිත්සිරි ද සිල්වා

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Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyFri Nov 18, 2022 7:49 am by කිත්සිරි ද සිල්වා

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Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptySun Nov 13, 2022 12:15 pm by කිත්සිරි ද සිල්වා

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Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptySat Nov 05, 2022 8:44 am by කිත්සිරි ද සිල්වා

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Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptySat Nov 05, 2022 8:42 am by කිත්සිරි ද සිල්වා

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Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes EmptyFri Oct 21, 2022 5:25 pm by කිත්සිරි ද සිල්වා

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2 posters

    Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes

    sashimaal
    sashimaal
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    Top contributor


    Posts : 5785
    Join date : 2014-02-28

    Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes Empty Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes

    Post by sashimaal Sat Mar 05, 2016 7:29 pm

    ECONOMYNEXT - Sri Lanka hopes to stabilize the economy and trim the budget deficit to 5.4 percent of gross domestic product by hiking sales taxes and suspending for one year income tax cuts proposed in a budget for 2016.

    In a budget for 2016, the deficit was planned at 740 billion rupees (5.9 percent of GDP) but there was doubts over the target, after a 499 billion deficit planned for 2015 deteriorated to 690 billion rupees in 11 months.

    Prime Minister Ranil Wickremesinghe had presented proposals at a special session of the cabinet of ministers to raise new revenue and keep a check on spending, which could reduce the budget deficit to around 679 billion rupees next year, EconomyNext learns.

    Sri Lanka wants to raise Value Added Tax to 15 percent, eliminate the current two-band structure and end exemptions including to telecoms, education and health services.

    Nation Building Tax to be kept 2 percent, but to remove exemptions to areas like, power lubricants and telecoms.

    There was also a proposal to charge capital gains tax on land and shares. However it is not clear whether all the proposals will be implemented, since some ministers were not happy with taxes on shares, sources said.

    Corporate and individual income tax will be kept broadly at pre-budget level, but there was a proposal to tax all other companies at 17.5 percent, slightly higher from an earlier proposal to tax them at 15 percent.

    However there is expected to be resistance from opposition ministers to reducing the threshold on personal income tax as they would then have to pay taxes, sources said.

    All members opposed moves by Finance Minister Ravi Karunanayake to end tax free cars to them in November.

    The cabinet paper has said that large liabilities in state enterprises and losses as well as tougher global economic conditions required higher tax revenues to keep the economy stable.

    Analysts warned in early 2015, that a hike in state salaries and subsidies would de-stabilize the economy unless interest rates were raised more revenue generated.

    The central bank however printed money to keep interest rates down and finance the deficit, making the rupee collapsed to 145 to the US dollar from 131.

    The government has to either charge, taxes, borrow or print money to pay higher salaries and subsidies. Of all the options taxes are the least harmful.

    Even a 10 percent hike in value added tax raises final prices by only 10 percent, but the rupee has already fallen from 131 to the US dollar to 145, destroying real salaries and past savings.

    However due to hardcore Mercantilism which is taught as 'economics' from a young age analysts say it is possible in Sri Lanka to get away with printing money, generating inflation, currency depreciation and poverty and blame it on external causes, rather than hiking taxes and cutting state spending (Colombo/Mar03/2015 - Update II)
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    guruji


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    Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes Empty Re: Sri Lanka hopes to keep budget deficit to 5.4-pct of GDP with new taxes

    Post by guruji Sat Mar 05, 2016 10:32 pm

    Cut the domkeys vehicle permits first

      Current date/time is Wed Jun 19, 2024 10:06 pm