Is that stupid article!!You can go to court if that article wrong or your king's name affected.Lanka-e-news source also there.jayathu wrote:@yahapalanaya dont post stupid articles.
when market up mahinda is to blame and when market is up is yahaplanaya good work, confidence is back.
People should look at these following factors for the market decline before blaming mahinda,
Overnight rates skyrocketing, when fixed income rates goes up usually equity market goes down. Fixed income is less riskier instrument.
http://www.economynext.com/Sri_Lanka_12_month_Treasuries_yield_soar_90bp_to_9.90_pct-3-4540-3.html
Govt heavy borrowing to serve the heavy debt burden. Current govt blamed previous govt for borrowing at "Gini Poli" but they seem to borrow at same rate and higher rate than previous regime. Funny part is that this govt is going to exercise china currency swap option that previous govt took with china. Specially Harsha and Ravi criticized this move 2yrs back saying this is very bad deal.
http://www.economynext.com/Sri_Lanka_plans_US$1bn_currency_swap_with_China__Prime_Minister-3-4561-1.html
Flip flopping policies - No one knows what the hell is going on. Is CGT going to be introduced or not. Taxes like VAT NBT and CGT is a very sensitive information. Govt or Finance minister cant change these figures once in three months according to global market condition. PM is says CGT will be introduced but no one knows how or in what capacity. Shouldn't he had proposed that sought of a tax when a proper plan how he's going to impose that tax??
best example is with the company i work for in regards to NBT payment. All know now most of the taxes you can pay online. When we tried to pay NBT last week there was a huge confusion between us and Tax department. We calculated it at 2% but they calculates it at 4%. According ravi budget we have to pay 4% but ranil new budget and last yr budget kept NBT at 2%. Finally we payed 2% with additional 2% is taken as tax payable in our accounts.
For a economy is to grow and prosper we need stable policies and clear direction. What ranil did last few weeks with several amendments was a good step in right direction. We need to grow our tax revenues to sustain the economy but govt need to give clear directive about taxes and investment decision.
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