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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Lanka focused on deficit reduction, capital gains on property - FM

Lanka focused on deficit reduction, capital gains on property - FM

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Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
The Budget is likely to make adjustments to the existing vehicle tax system, said Minister of Finance (FM) Ravi Karunanayke.
Speaking at a media event hosted by the Minister at Galle Face last Friday he said that they were looking at further amendments to make small and medium size vehicles more affordable.
“However we may look at increasing emission taxes,” he said.
He added, “We want to increase the vehicle ownership of people. However maintain them may cost more.”
In a bid to increase road discipline fines on traffic offenses were expected to increase. However according to the Vehicle Importers Association of Lanka the Minister earlier had promised that there will no change to the current tax structure for at least two years.
The Minister at the media dinner said, “keep your eyes open. This would be a revolutionary budget that people would be talking for a long time.”
“ It would introduce series of measures to increase revenue and also to narrow the deficit to 4.7 percent of GDP, down from 5.4 percent in 2016. We are most likely to introduce the capital gains tax on property but not on share transactions excluding the stock market transactions,” he said.
Many people are making huge profits from on property and we want to check this area as we feel they should give something back to the government and we feel that any gains made within 10 years of purchase should be taxable.”
(SS)

Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Former President Chandrika Bandaranaike Kumaratunga, a key figure in the coalition Government, yesterday expressed confidence that the 2017 Budget would be “people friendly”. She made this observation after a meeting with Finance Minister Ravi Karunanayake who called on her yesterday.

Karunanayake said the 2017 Budget, which will be presented on Thursday, will focus on attracting new investments and protecting local investors. 

 
- See more at: http://www.ft.lk/article/578689/CBK-says--people-friendly--Budget-coming#sthash.cWF8Zu5U.dpuf

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