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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Sri Lanka 'super gains' tax to be applied to groups, individual firms

Sri Lanka 'super gains' tax to be applied to groups, individual firms

Go down  Message [Page 1 of 1]

Invest_Wisely


Manager - Equity Analytics
Manager - Equity Analytics
http://economynext.com/Sri_Lanka__super_gains__tax_to_be_applied_to_groups,_individual_firms-3-1333-1.html

Sri Lanka's 'super gains tax', a 25 percent additional income tax will apply to individual entities and consolidated accounts of groups of companies, according to proposed to tax laws approved by the cabinet of ministers.

The tax will apply to any person or company who has a taxable income of more than 2.0 billion rupees in taxable income based on audited financial statements in the tax year starting April 2013.

It will also apply to groups of companies, where aggregate before income tax profits of the holding company and all subsidiaries exceeds 2.0 billion rupees or where the profits of each subsidiary and the holding company in that group of companies exceeds the threshold.

Subsidiary companies are companies where a holding company either directly or indirectly has more than 50 percent of the voting shares.

The tax shall be charged on every subsidiary and the holding company of a group of companies.

Board of Investment companies approved under section 17 of its law will have to pay the levy under taxable income coming after the expiration of exemptions and in the case of other companies, the residual assessable tax.

No specific mention has been made of foreign subsidiaries.

The tax has to be paid in three equal instalments by the 15th of May, July and September 2015.

The 'super gains tax' was one of the new taxes proposed in a revised budget in January 29, where salaries of state workers were raised by over 40 percent.

The controversial tax has come under fire for undermining rule of law and predictability by being applied retrospectively and for creating a precedent for the elected ruling class to tax unarmed citizens in ad hoc ways in the future to fulfil election promises.

However in financing the spending needs of the elected ruling class, analysts say taxes are better than printing money, which depreciates the rupee and generates inflation.

Income taxes only destroys a specific amount of investible capital generated by a citizen during a specified period, and directs them to consumption spending of rulers.

But currency depreciation destroys all past savings that can be invested to generate jobs and value, including the savings of weak and old citizen who can no longer work as well as current and future real value of salaries of wage earners.

Invest_Wisely


Manager - Equity Analytics
Manager - Equity Analytics
This article below is dated 29.01.2015

http://www.lankabusinessonline.com/news/sri-lanka-to-impose-super-gains-tax-on-company-profits:-interim-budget-2015/1654638691

Jan 29, 2015 (LBO) - Sri Lanka will impose a 25 percent 'super gains” tax on companies earning over two billion rupees in net profit, Finance Minister Ravi Karunanayake said, in presenting the interim budget 2015 to the parliament today.

Any company of which the profit exceeded 2000 million rupees will be charged 25 percent tax off its profit,” Karunanayake said.
"This will be a one-time tax. We want to share excess profits companies are making with the people."


He said there are only 35 to 40 companies which have to pay the newly imposed tax in the island. Ravi Karunanayake said this after the budget

As per the recent article.... Sri Lanka 'super gains' tax to be applied to groups, individual firms....How things change?

Teller

Teller
Moderator
Moderator
In future dogs/pet tax can be expected to increase the government revenue.


_________________




Teller said is said..

Senior Citizen

Senior Citizen
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Invest_Wisely wrote: lol! This article below is dated 29.01.2015

http://www.lankabusinessonline.com/news/sri-lanka-to-impose-super-gains-tax-on-company-profits:-interim-budget-2015/1654638691

Jan 29, 2015 (LBO) - Sri Lanka will impose a 25 percent 'super gains” tax on companies earning over two billion rupees in net profit, Finance Minister Ravi Karunanayake said, in presenting the interim budget 2015 to the parliament today.

Any company of which the profit exceeded 2000 million rupees will be charged 25 percent tax off its profit,” Karunanayake said.
"This will be a one-time tax. We want to share excess profits companies are making with the people."


He said there are only 35 to 40 companies which have to pay the newly imposed tax in the island. Ravi Karunanayake said this after the budget

As per the recent article.... Sri Lanka 'super gains' tax to be applied to groups, individual firms....How things change?
Investors who have shares of Companies that pay 100 dividends will take the brunt of the loss in the dividend payout for period 2014/15. Since the margins were low for the previous period then would be forcd to catch up with the following years performance especially their selling prices.

The consumers have to bear the VAT at point of purchase and the investors VAT + loss on dividends + Increased COST OF LOVING!
lol! lol! lol!

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