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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Surcharge on Gold has been removed?

Surcharge on Gold has been removed?

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1Surcharge on Gold has been removed? Empty Surcharge on Gold has been removed? Sat Nov 23, 2013 1:46 pm

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Surcharged which was 100 % gold has been removed by the government. I can't understand this sort of a move at a time where price of gold has created so much panic in the banking sector. How this will affect those companies only time will tel us??

2Surcharge on Gold has been removed? Empty Re: Surcharge on Gold has been removed? Sat Nov 23, 2013 2:02 pm

K.Haputantri

K.Haputantri
Co-Admin
Its bad news for banks exposed to gold loans.

3Surcharge on Gold has been removed? Empty Re: Surcharge on Gold has been removed? Sat Nov 23, 2013 8:59 pm

ansar


Manager - Equity Analytics
Manager - Equity Analytics
@Leon wrote:Surcharged which was 100 % gold has been removed by the government.
Some years back government removed the permit for cutting trees
With in months it was imposed again
Same way import tax of cars was removed
With in months it was imposed again
Now gold................ Question Question 
Are they the needs of 'someones' to get done something selfish?

4Surcharge on Gold has been removed? Empty Re: Surcharge on Gold has been removed? Sat Nov 23, 2013 11:35 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Yes, it is very common. If someone is supreme his/her necessities are granted in blind fold manner. In most of developing & under developed countries in Asia, such tactics are being simply practiced in order to protect the administration power.

5Surcharge on Gold has been removed? Empty Re: Surcharge on Gold has been removed? Sun Nov 24, 2013 2:41 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Leon it would  be more  educational to the forum if you could please include the link for this move.  Surcharge was previously 10% not 100% wasn;t it ?



@Leon wrote:Surcharged which was 100 % gold has been removed by the government. I can't understand this sort of a move at a time where price of gold has created so much panic in the banking sector. How this will affect those companies only time will tel us??



Last edited by slstock on Sun Nov 24, 2013 3:35 am; edited 1 time in total

6Surcharge on Gold has been removed? Empty Re: Surcharge on Gold has been removed? Sun Nov 24, 2013 2:59 am

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Surcharge was 10%.... now 7.5%

Nothing special .... a surcharge encourages gold smuggling as one keep the extra surcharge to themselves (hence the gold smuggling to India) Wink 

7Surcharge on Gold has been removed? Empty Re: Surcharge on Gold has been removed? Sun Nov 24, 2013 3:18 am

sriranga

sriranga
Co-Admin
According to Sri Lanka Customs 100%.
http://www.customs.gov.lk/tariff/2014gold.pdf

confused ?

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

8Surcharge on Gold has been removed? Empty Re: Surcharge on Gold has been removed? Sun Nov 24, 2013 11:34 am

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
What we knew was 10% tax on GOLD.. But what Customs mean is 100% surcharge removal from GOLD imports to SL.

This means no Customs Duty on GOLD imo.

9Surcharge on Gold has been removed? Empty Re: Surcharge on Gold has been removed? Sun Nov 24, 2013 3:49 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
As a result, gold price in the local market comes down. Pawning business need more provision to cover up the impairment value of gold taken against cash given to public, unless the world market prices of gold substantially goes up. Is this correct?

10Surcharge on Gold has been removed? Empty Re: Surcharge on Gold has been removed? Sun Nov 24, 2013 4:32 pm

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@rainmaker wrote:Surcharge was 10%.... now 7.5%

Nothing special .... a surcharge encourages gold smuggling as one keep the extra surcharge to themselves  (hence the gold smuggling to India)  Wink 
Yeah. Overall a good move. Cos smugglers can bring some black money into Sri lanka longer term.

11Surcharge on Gold has been removed? Empty Re: Surcharge on Gold has been removed? Sun Nov 24, 2013 5:52 pm

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@slstock wrote:Leon it would  be more  educational to the forum if you could please include the link for this move.  Surcharge was previously 10% not 100% wasn;t it ?



@Leon wrote:Surcharged which was 100 % gold has been removed by the government. I can't understand this sort of a move at a time where price of gold has created so much panic in the banking sector. How this will affect those companies only time will tel us??
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