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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ »  Capital market development: Some interesting proposals in Budget 2013

Capital market development: Some interesting proposals in Budget 2013

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sriranga

sriranga
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* Three-and-a-half years tax holiday for companies listing in the Colombo Stock Exchange before December 2013 with a minimum public float of 20 percent.

* Interest income from investments in listed bonds and debentures exempted from withholding tax.

* Direct foreign investments allowed into Unit Trusts without the need of a Securities Investment Account.

* 10 percent tax applicable to Unit Trusts would apply to Unit Trust Management Companies.

* Transfer of shares for margin trading exempted from stamp duty.

* A Presidential task Force would be appointed to implement the Capital Market Development Master Plan, mobilising all stakeholders in the capital market.

* Stock brokers allowed to claim a lump sum depreciation for expenditure in IT, infrastructure, branch networks and such capital items.

Development Finance:

* DFCC and NDB required to raise over 10 years foreign development finance up to US$ 250mn each.

* Such funds to be used to provide long term funding for SMEs, plantations, construction industry and manufacturing sector at lower rates of interest.

* Government to underwrite exchange risks of these foreign borrowings.

* Interest income earned by these two banks on such lending would be exempt from taxes.

Tax system:

* Business with an annual turnover of Rs. 12mn would be exempted from NBT, VAT.

* NBT, VAT extended to cover supermarkets, large scale trading operations generating a turnover in excess of Rs. 500mn.

* Time bar to a file a tax return reduced to 18 months and a six months time bar for the tax interpretation committee to issue an interpretation.

* Airport Tax increased by US$ 10, online visa fee by US$ 5 from January 2013.

* Finance Act would be amended requiring all regulatory bodies and government departments to transfer revenue in excess of required establishment expenditure and three months working capital to Consolidated Fund once in three months.

* Vehicle’s imported under concessional schemes increased by 10 to 20 percent.

* Betting business registration fees increased to Rs. 2mn and for gaming activities Rs. 100mn.

* 5 percent tax on turnover of gaming businesses.

* 40 percent tax on profits of betting, gaming businesses.

Foreign exchange management:

* Corporates can borrow up to US$ 10 million per annum over the next three years without Exchange Control Department Approval.

* Licensed commercial banks can borrow up to US$ 50 million without such approval.

Small Enterprises:

* SMEs to be classified as those entities with an annual turnover of less than Rs. 500mn.

* Tax rate applicable would be 10 percent, exempted from NBT, VAT.

* Lankaputhra Development Bank to get Rs. 500mn bond to implement a credit guarantee scheme.

* All banks and financial institutions required to provide venture capital up to Rs. 10mn covering all districts out of Investment Fund Accounts.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=65600

http://sharemarket-srilanka.blogspot.co.uk/

Jeremy

Jeremy
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Seems a quite a good budget in terms of capital market development and businesses.

Light of Hope


Vice President - Equity Analytics
Vice President - Equity Analytics
* Vehicle’s imported under concessional schemes increased by 10 to 20 percent.

above is not clear. has a tax of 10 to 20 percent been imposed on duty free vehicles?

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Good move again...........

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I guess, concessional schemes cover the permits given to professionals who pay taxes at concessional rate....

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