FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka


Submit PostSubmit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



Latest topics

» UNHCR එකේ ලොකූ ටෝක දැම්මට සමහර ඔස්තාර් ලා කියන ආර්තික සම්භාදක අරවා මේවා මුකුත් එන්නේ නැ
by stockchaser Today at 2:42 am

» පෙබරවාරි මාසේ කොළඹ කොටස් වලට මොකක්ද වුනේ - බැසුවාද ? බැස්සාද ?
by xhunter Today at 2:20 am

» GLAS will be winner with Super Gain.
by Eranga87 Today at 2:00 am

» If you are one of those people who can sleep at night while someone else is in control of your destiny, then my advice would be to only invest in stocks
by Asoka Samarakone Yesterday at 9:58 pm

» DFCC will be receiving Rs.594,538,285.50
by SANJAYANM Yesterday at 9:56 pm

» NATIONS TRUST BANK PLC (NTB.N0000)
by chathura123 Yesterday at 8:52 pm

» Price prediction on GRAN and TAFL
by Bakkabwoi Yesterday at 6:22 pm

» SEMB SEMB
by stockchaser Yesterday at 2:57 pm

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by Vishwanarth Yesterday at 2:54 pm

» Bullish sentiment returns with market regulator's assurance
by Vishwanarth Yesterday at 2:52 pm

» BROWNS INVESTMENTS PLC (BIL.N0000)
by Vishwanarth Yesterday at 1:49 pm

» SOFTLOGIC HOLDINGS PLC (SHL.N0000)
by suku502 Yesterday at 1:32 pm

» DIPD/HAYC/HAYL
by Wickyz Yesterday at 1:19 pm

» Chart 25.02.2021
by stockback Yesterday at 12:41 pm

» is it a good time to sell expo shares
by Kipling Yesterday at 8:39 am

» Current 2021 Februray Unit Trust/Unit Fund Per Annum percentages
by agentnrox Yesterday at 8:13 am

» Leading brokers causing market downturn
by Mithooshan Yesterday at 7:40 am

» Must watch this video - unnecessary panic
by Jana Yesterday at 1:03 am

» LOLC HOLDINGS PLC (LOLC.N0000)
by learningthemarket Yesterday at 12:03 am

» Daily Foreign Transactions
by Mr. X Wed Feb 24, 2021 11:28 pm

EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute

Twitter Feeds
POPULAR COMPANIES
A

ABANS ELECTRICALS PLC

ACCESS ENGINEERING PLC Hot

ACL CABLES PLC

ACL PLASTICS PLC

ACME PRINTING & PACKAGING PLC

AGSTAR PLC

AITKEN SPENCE HOTEL HOLDINGS PLC

AITKEN SPENCE PLC

ANILANA HOTELS AND PROPERTIES PLC

ARPICO INSURANCE PLC

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

B

BAIRAHA FARMS PLC

BALANGODA PLANTATIONS PLC

BIMPUTH FINANCE PLC

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

B P P L HOLDINGS PLC

BROWNS BEACH HOTELS PLC

BROWNS INVESTMENTS PLC

C

CARGO BOAT DEVELOPMENT COMPANY PLC

CENTRAL INDUSTRIES PLC

CEYLON COLD STORES PLC

CEYLON GRAIN ELEVATORS PLC Hot

CEYLON TEA BROKERS PLC

CEYLON TOBACCO COMPANY PLC

CHEVRON LUBRICANTS LANKA PLC

COLOMBO FORT LAND & BUILDING PLC

COMMERCIAL BANK OF CEYLON PLC

CITRUS LEISURE PLC Hot

COMMERCIAL CREDIT AND FINANCE PLC

D

DANKOTUWA PORCELAIN PLC

DFCC BANK PLC

DIALOG AXIATA PLC

DIALOG FINANCE PLC

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

DUNAMIS CAPITAL PLC

E

EAST WEST PROPERTIES PLC Hot

EASTERN MERCHANTS PLC

EXPOLANKA HOLDINGS PLC

E-CHANNELLING PLC

F

FIRST CAPITAL HOLDINGS PLC

G

GALADARI HOTELS (LANKA) PLC

GUARDIAN CAPITAL PARTNERS PLC

H

HATTON NATIONAL BANK PLC

HAYLEYS PLC

HAYLEYS FABRIC PLC

HAYLEYS FIBRE PLC Hot

HEMAS HOLDINGS PLC

HIKKADUWA BEACH RESORT PLC

HNB ASSURANCE PLC

HVA FOODS PLC

J

JANASHAKTHI INSURANCE COMPANY PLC

JOHN KEELLS HOLDINGS PLC Hot

JOHN KEELLS HOTELS PLC

L

LANKA ASHOK LEYLAND PLC

LANKA IOC PLC

LANKEM CEYLON PLC

LANKEM DEVELOPMENTS PLC

LAUGFS GAS PLC

LAUGFS POWER LIMITED

LOLC FINANCE PLC

LOLC HOLDINGS PLC

LUCKY LANKA MILK PROCESSING COMPANY PLC

M

MELSTACORP PLC

N

NATIONAL DEVELOPMENT BANK PLC

NATION LANKA FINANCE PLC

NESTLE LANKA PLC

O

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

P

PANASIAN POWER PLC

PEOPLE'S LEASING & FINANCE PLC

PIRAMAL GLASS CEYLON PLC

PRIME FINANCE PLC

R

RAIGAM WAYAMBA SALTERNS PLC

RENUKA AGRI FOODS PLC

RENUKA CAPITAL PLC

RENUKA HOLDINGS PLC

RICHARD PIERIS AND COMPANY PLC

RICHARD PIERIS EXPORTS PLC Hot

ROYAL CERAMICS PLC

S

SAMPATH BANK PLC

SEYLAN BANK PLC

SIERRA CABLES PLC

SINGHE HOSPITALS PLC Hot

SMB LEASING PLC

SOFTLOGIC HOLDINGS PLC

SOFTLOGIC LIFE INSURANCE PLC

SRI LANKA TELECOM PLC

SWISSTEK (CEYLON) PLC Hot

T

TEEJAY LANKA PLC

TESS AGRO PLC

THREE ACRE FARMS PLC

TOKYO CEMENT COMPANY (LANKA) PLC Hot

U

UNION BANK OF COLOMBO PLC

V

VALLIBEL FINANCE PLC

VALLIBEL ONE PLC Hot

VALLIBEL POWER ERATHNA PLC

W

WASKADUWA BEACH RESORT PLC


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Tax, duty relief package planned to kick start investments in Sri Lanka

Tax, duty relief package planned to kick start investments in Sri Lanka

Go down  Message [Page 1 of 1]

fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics
 A package of investment relief to identified sectors which will also encourage the inflow of funds held abroad is being planned to kick start investments, officials of President Gotabaya Rajapaksa’s party said.
“There is a tax phobia (badu beethikawa) in this country, which is holding back investments,” former trade minister Bandula Gunewardene said.
“We want to free people fro that phobia that and encourage investments. That are multiple taxes now such as capital gains taxes and high income tax rates that are discouraging investors.
“Investments were first discouraged with the retrospective taxes in 2015 and more were added later.”
Among areas that are being planned for relief are agriculture, machinery, transport, construction, he said.
Though the last administration came to office promising to simplify and reduce the number of taxes, under an International Monetary Fund backed program, a number of withholding taxes, which brought little revenues but alienated many were imposed.
A 16 percent flat personal tax rate was replaced by progressive taxation again.
The program called ‘revenue based fiscal consolidation’ placed heavy emphasis on raising taxes but no attention was placed on cutting spending. Most the money from taxes were given to state workers as salary hikes.
The program also failed to address monetary instability, critics have said, and further worsened money and exchange policy contradictions in a soft-pegged exchange rate regime, leading to multiple currency crises and output shocks which brought down growth.
Sri Lanka is now experiencing an East Asia crisis style output shock and a spike in bad loans.
SEE ALSO

Ranil, Sajith both proposed as Sri Lanka opposition leader



[size]

Sri Lanka rupee ends weaker, gilt yields gain

[/size]

[size]

Sri Lanka central bank warns of online 'easy loan' scams

[/size]

[size]

Sri Lanka stocks close marginally weaker

[/size]

[size]

Sri Lanka central bank objects to Fitch analysis, says loose

[/size]






A currency crisis triggers a cyclical credit contraction and killing demand, which is worsened by the weaker currency which also destroy real salaries, and bad loans spike.
Gunewardene said there were also plans to encourage foreign exchange inflows.
Sri Lankans holding money abroad may also be given an opportunity to bring them back by paying a one-off tax of around 3 to 5 percent.
The fund would have to be invested in areas such as agriculture, construction, tourism, residential development, which will create jobs and economic activity, he said.
President Gotabaya Rajapaksa’s election manifesto has proposed multiple changes to the tax regime.
Personal tax rate would go back to a flat 15 percent, replacing progressive taxation.
The Corporate income tax would be reduced from 28 percent to 18 percent, (in Singapore the standard corporate tax is 17 percent).
However changing income tax laws is more difficult than import duties.
The economic service charge and withholding tax will be scrapped, the manifesto said.
The value added tax would be cut to 8 percent, Nation Building Tax scrapped.
However a ‘special tax for different categories of goods and services’ would be introduced. Whether the tax on goods and services will be an NBT style non-recoverable tax is not clear.
It is not clear whether the taxes would be a big-bang change, or they would be phased over a long time.
NEWSLETTER  

DAILY BRIEF

Economynext daily and weekly email newsletters covering the best of politics and policy.
SIGN UP



The manifesto also said that import duties of goods competing with domestic product will be raised.
An official however said import duties will be cut on imports to encourage investments. (Colombo/Nov21/2019)





ADD COMMENTS

ONTHEMONEY


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
The package of TAX cut would be really positive to CSE. Specially the VAT and corporate tax reduction would help the banks to make much needed boost in profits. 

Further, the new government have mentioned to offer tax cuts for Construction, Agri and Tourism sectors.

So.. take positions on these counter going forward. We can experience improved financial performance in companies

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum