The Investor Sentiment - Equity and investments forum for Sri Lankans
The Investor Sentiment - Equity and investments forum for Sri Lankans
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Please send an email to contact.lankaninvestor@gmail.com if you face any technical difficulties when posting
Search
Display results as :
Advanced Search
Latest topics
Coronavirus UpdatesThu Jan 14, 2021 7:38 pmThe Invisible
ACL CablesWed Dec 30, 2020 7:22 pmsubash
Merry Christmas to AllTue Dec 29, 2020 4:53 pmchutiputha
Trading Journal Sat Dec 12, 2020 11:33 pmxmart
HVA FoodsFri Dec 04, 2020 10:25 amThe Invisible
Tokyo CementMon Nov 23, 2020 9:42 amRajapaksap
Insider Dealings Fri Nov 20, 2020 2:30 ampjrngroup
UML United MotorsTue Nov 10, 2020 8:50 amThe Invisible
ExpolankaMon Nov 09, 2020 8:46 pmsmallville
Plantation Sector UpdatesSat Nov 07, 2020 8:15 amRajapaksap
HAYC - HaycarbFri Nov 06, 2020 12:11 pmsubash
LWL.N0000 (Lanka Walltiles PLC)Fri Oct 16, 2020 12:50 amsubash
CSE Daylight Robbery !Mon Sep 21, 2020 9:54 pmYin-Yang
Disclaimer


Information posted in this forum are entirely of the respective members' personal views. The views posted on this open online forum of contributors do not constitute a recommendation buy or sell. The site nor the connected parties will be responsible for the posts posted on the forum and will take best possible action to remove any unlawful or inappropriate posts.
All rights to articles of value authored by members posted on the forum belong to the respective authors. Re-using without the consent of the authors is prohibited. Due credit with links to original source should be given when quoting content from the forum.
This is an educational portal and not one that gives recommendations. Please obtain investment advises from a Registered Investment Advisor through a stock broker

Go down
Backstage
Backstage
Top contributor
Top contributor
Posts : 3775
Join date : 2014-02-24

Sri Lanka drops capital gains on shares, real estate targeted Empty Sri Lanka drops capital gains on shares, real estate targeted

on Mon May 15, 2017 1:52 am
Message reputation : 100% (2 votes)
Sri Lanka drops capital gains on shares, real estate targeted
May 14, 2017 19:44 PM

ECONOMYNEXT - Finance Minister Ravi Karunanayake Sunday confirmed that the government will exempt capital gains on share transactions, but it will apply to real estate transactions under the new inland revenue act.

Any capital gains on housing and property within a period of 10 years of acquiring the asset will attract a 10 per cent tax, the minister told reporters at his office.

The administration had argued that the property market has been giving huge returns in recent years thanks to the infrastructure added by the government and it was only right that the state took a slice of the capital gains on real estate.

The government had initially proposed slapping a 10 per cent tax on capital gains through equity trading, but that was dropped, the minister said.

PAYE and income tax

Under the new act which is being gazetted in line with efforts to streamline the complicated tax system, the minister said employees earning up to 100,000 rupees a month will be exempt from income tax.

However, the individual tax free income will remain at 500,000 rupees a year.

Those under the PAYE schemes will get a tax credit for 700,000 rupees above their 500,000 rupee tax free allowance for a year.

This means an employee earning a monthly salary of 100,000 (inclusive of all allowances) or an annual income of 1.2 million rupees will not have to pay tax. This concession is not available to self-employed who will have to pay taxes on their monthly income if it is more than 41,666.

Earlier a vehicle allowance of 50,000 rupees a month was exempt in addition to the 50,000 salary. But now all deductions have been limited to 700,000 a year. The highest tax rate has been raised from 15 percent to 24 percent.

The effective date of the new tax structure is not clear, but the bill is being gazetted.
(COLOMBO, May 14, 2017)
කිත්සිරි ද සිල්වා
කිත්සිරි ද සිල්වා
Top contributor
Top contributor
Posts : 8787
Join date : 2014-02-23
Age : 62
Location : රජ්ගම

Sri Lanka drops capital gains on shares, real estate targeted Empty Re: Sri Lanka drops capital gains on shares, real estate targeted

on Mon May 15, 2017 3:11 am
Thanks Back.
So we can expect more RUN on Monday ? bounce

_________________
I am the wisest man alive, for I know one thing, and that is that I know nothing.
Socrates
Ethical Trader
Ethical Trader
Top contributor
Top contributor
Posts : 5567
Join date : 2014-02-28

Sri Lanka drops capital gains on shares, real estate targeted Empty Re: Sri Lanka drops capital gains on shares, real estate targeted

on Mon May 15, 2017 12:59 pm
Tanks Back.
Back to top
Permissions in this forum:
You cannot reply to topics in this forum