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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » GOVT SHOULD LEARN OR DEPART

GOVT SHOULD LEARN OR DEPART

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1GOVT SHOULD LEARN OR DEPART Empty GOVT SHOULD LEARN OR DEPART Tue Nov 03, 2015 9:50 am

samaritan


Moderator
Moderator
Executive Chairman of Templeton Emerging Markets Group Dr.Mark Mobius in an exclusive interview with Daily FT gave the following advise to the govt:

* Emphasize on inclusiveness, coherent policies & planning.

* Call for favourable taxation policy & focus on infrastructure to boost local and foreign investments.

* Retrospective taxation such as SGT will have negative impacts on new investments & private sector.

* Sri Lanka should proceed with Port City, integrated resorts to include casinos.

* Moot privatization & derive its benefits to the economy.

* To create more jobs thro' new investments to alleviate poverty.

Unquote:

In my opinion,

The govt should consider withdrawal of SGT and try and bring into the country the so called billions of dollars misappropriated by the earlier regime if it is true.

to give green light to include casinos in integrated resorts with strict regulations and controls like in Singapore.

Port City should proceed subject to EIA clearance and revised terms and conditions that are not detrimental to the country.

Boost profitable infrastructure developments and create employment as a poverty alleviation measure.

2GOVT SHOULD LEARN OR DEPART Empty Re: GOVT SHOULD LEARN OR DEPART Tue Nov 03, 2015 3:37 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
They will never take these actions. They promoted and promised all the negative ideas to grab power.

Stopping port city created money supply problem. Our fools still cannot understand the difference between infrastructure development and income generating expenditure.

Pundits always say previous Govt. didn't do any income generating projects but wasted money on huge infrastructure.

A government cannot do manufacturing, buying and selling. They are there to develop the background such as uninterrupted power supply, fast access between points , good data transmission, fund transferring facilities, reliable banking etc. Those are long term investments and  lot of job opportunities   and cash flow created for the society.

Then the Private sector should do the income generation. They are ready to do it. For that a govt should further support them by reducing taxation.

The last Govt tried to provide infrastructure and lower the taxation.

Now we can see the opposite of it.



GOVT SHOULD LEARN OR DEPART Kickass_ffd69b_5730682

3GOVT SHOULD LEARN OR DEPART Empty Re: GOVT SHOULD LEARN OR DEPART Tue Nov 03, 2015 3:52 pm

capitallinkceylon


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Chinwi do you know that sri lanka has the one of the lowest corporate tax level in the world. You saying we should reduce it is a joke. Govt runs on taxes, but i do agree that they should have scraped SGT. 
SGT was a stupid action taken by this govt. In my personal opinion Corporate tax should rise to 30% range and have that steady rate for couple of years without changing it every budget and charging Retrospective taxes.


India charges 40%




http://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-corporate-tax-rates-2015.pdf

4GOVT SHOULD LEARN OR DEPART Empty Re: GOVT SHOULD LEARN OR DEPART Tue Nov 03, 2015 4:11 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Just comparing tax rate of other land is useless.

Understanding what they do using the collected tax is important. In Sri Lanka type country a Rupee in the hands of who earned it will do better to the country .
Else give to the collectors and watch how they waste it.

5GOVT SHOULD LEARN OR DEPART Empty Re: GOVT SHOULD LEARN OR DEPART Tue Nov 03, 2015 4:16 pm

EquityChamp

EquityChamp
Moderator
Moderator
@capitallinkceylon wrote:@Chinwi do you know that sri lanka has the one of the lowest corporate tax level in the world. You saying we should reduce it is a joke. Govt runs on taxes, but i do agree that they should have scraped SGT. 
SGT was a stupid action taken by this govt. In my personal opinion Corporate tax should rise to 30% range and have that steady rate for couple of years without changing it every budget and charging Retrospective taxes.


India charges 40%




http://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-corporate-tax-rates-2015.pdf

Agree and I were about to write the same thing.

6GOVT SHOULD LEARN OR DEPART Empty Re: GOVT SHOULD LEARN OR DEPART Tue Nov 03, 2015 5:04 pm

karuna


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Only o2 free other everything tax what we can do 
We don't want Mr my3 rw and all ministers
We only need guarantee police and white low system.  Otherwise government to government
We will watch like move after we will see they are in heaven and we will pray to them for our hungry

7GOVT SHOULD LEARN OR DEPART Empty Re: GOVT SHOULD LEARN OR DEPART Tue Nov 03, 2015 5:08 pm

karuna


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@karuna wrote:Only o2 free other everything tax what we can do 
We don't want Mr my3 rw and all ministers
We only need guarantee police and white low system.  Otherwise government to government
We will watch like move after we will see they are in heaven and we will pray to them for our hungry
   
Oka tam awurudu 2500 edala but u know UK they paid more benefits
GOVT SHOULD LEARN OR DEPART 1430446753-Awwata_Wessata

8GOVT SHOULD LEARN OR DEPART Empty Re: GOVT SHOULD LEARN OR DEPART Tue Nov 03, 2015 6:23 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
This is not to start argument.

In Sri Lanka ,

Private sector take risks, plan, invest, work hard and generate money.

They should earn for themselves and also to pay salaries to millions of overcrowded government servants and maintaining overcrowded politicians with other benefits like jolly tours and accommodation, bogus claims , pay pension to 5 year service completed Pabas and many never heard politicians and list never ends.

Current tax rates are more than enough if they manage well.

All the big Infrastructure development are done using foreign aids and they can't divert that money to pay for salaries, subsidies, food , medicine and services .

I have met many people who scold the Govt for not giving low priced food and other facilities using money they 'waste' to build roads, airports and buildings . One person in medical field complained they have no enough syringes and medicine but the Govt is making 40 ft wide road in front of the Hospital. He doesn't know that Cheena or Sudda never give money to feed locals.
Actually most of the tax collected is wasted with very low productive usage. Plantation subsidies same result due to bad quality material. Even in education , same story.

Only the capital expenditure from foreign funds create some level of long lasting value to the country due to norms and measures adhered by donor countries.

That is why we ask the Govts to build the country using foreign aids and give support to private sector to develop productivity and then we can use tax income to pay back our loans easily.

Charging 30-40% is punishing who makes money and then waste that money will further weaken the system. If they allow due sectors to develop in size then even 15% is enough because the amount will be bigger than 40% .

If we study tax payment of DIST for past 2 decades we can see this. Today's tax amount is much bigger than total revenue obtained in days before and after privatization. (or Jayawardanization) Mr Harry Jayawardena got lot of support in various ways in making DCSL to DIST .
Somehow I do not expect this to happen in current situation.

9GOVT SHOULD LEARN OR DEPART Empty Re: GOVT SHOULD LEARN OR DEPART Tue Nov 03, 2015 9:37 pm

capitallinkceylon


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@karuna "Oka tam awurudu 2500 edala but u know UK they paid more benefits"

U.K. Pay more benifit??? Ar u serious???
Free healthcare srilanka/ uk nope
Free education srilanka/uk nope
Subsidies diesel Sri Lanka/uk nope

Interns of rupee value uk gives more benifit, but when you compare percentage wise our subsidy level is more 10times than there level.

10GOVT SHOULD LEARN OR DEPART Empty Re: GOVT SHOULD LEARN OR DEPART Wed Nov 04, 2015 10:32 am

samaritan


Moderator
Moderator
Agree with Chinwi with regards to low productivity and high wastage. Sadly our decision makers are sitting on their brains.


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