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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Cabinet announces massive tax cuts

Cabinet announces massive tax cuts

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1Cabinet announces massive tax cuts Empty Cabinet announces massive tax cuts Wed Nov 27, 2019 4:43 pm

Cma


Equity Analytic
Equity Analytic
* උපයනවිට ගෙවීම් සඳහාවන ආදායම් බද්ද
* ගෘහස්ත නිෂ්පාදන සඳහා අය කරන භාණ්ඩ හා සේවා මත අය කරන ජාතිය ගොඩ නැගීමේ බද්ද
* ආර්ථික සේවා ගාස්තු
* බැංකු හා මූල්‍ය ආයතනවලින් අය කරන හර බද්ද
* කොටස් වෙළඳපොළ මත අය කරන ප්‍රාග්ධන ලාභ බද්ද
* පොලී මත අය කරන විවිධ වර්ගයේ රැඳවුම් බදු
* ණය සේවා බදු
වහාම ක්‍රියාත්මක වන පරිදි මෙම බදු වර්ග සියල්ල අහෝසි කිරීමට කැබිනට් මණ්ඩලය තීරණය කරයි - කැබිනට් ප්‍රකාශක
#lka #Tax #SriLanka

2Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Wed Nov 27, 2019 5:06 pm

Promoney


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
There has not been capital gains tax on the stock market.. I wonder what that actually is

3Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Wed Nov 27, 2019 5:17 pm

Invest2018


Senior Equity Analytic
Senior Equity Analytic
Is it divided tax😃😃😃

4Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Wed Nov 27, 2019 5:23 pm

Kaish86


Manager - Equity Analytics
Manager - Equity Analytics
Stock market capital gains already exempted.
They should have exempted tax on either buying or selling side.
Super. Govt should also have a mechanism to monitor whether the benefit passed on to end users.

5Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Wed Nov 27, 2019 5:32 pm

Captain


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
To reduced income tax rate on constructions to 14% from current 28%

Almost 250 mn tax saving on AEL.N

Will have a run tommorow for sure

6Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Wed Nov 27, 2019 5:36 pm

samaritan


Moderator
Moderator
For the past four & half years political instability and compromised national security caused immense damage to the economy. Now the country is slowly coming out of the rut.


_________________




The biggest risk in life is not taking any risk at all.

7Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Wed Nov 27, 2019 5:39 pm

Promoney


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Construction companies have got the biggest benefit
1) Income tax reduced to 14% from 28%
2) VAT reduced to 8% from 15%
3) NBT completely removed

8Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Wed Nov 27, 2019 5:51 pm

Captain


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Yes

9Cabinet announces massive tax cuts Empty Huge respect for GOTA regarding tax cut Wed Nov 27, 2019 5:53 pm

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics
this man have a back bone. he do what e say.  Smile Smile Smile Smile
Huge salute scratch scratch scratch scratch

10Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Wed Nov 27, 2019 6:14 pm

samaritan


Moderator
Moderator
GR is a visionary leader who can lead Sri Lanka in the path to prosperity.


_________________




The biggest risk in life is not taking any risk at all.

11Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Wed Nov 27, 2019 8:11 pm

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Cabinet announces massive tax cuts
Colombo (News 1st) – The first cabinet meeting under President Gotabaya Rajapaksa was held this afternoon. Following the meeting, a number of tax reliefs were announced by Co-Cabinet Spokesperson Min. Bandula Gunawardene during the Cabinet media briefing.

It was announced that the new administration would do away with NBT on household goods, Debit Tax, PAYE Tax and Withholding Tax on Interest with immediate effect. All taxes imposed on the remittances made by expat workers will be removed while places of religious worship will also be exempt from all taxes.

The Cabinet has also decided to reduce the Value Added Tax from 15% to 8% from the 1st of December. In addition, the telecommunications levy has been reduced by 25%.

CSE Capital Gains Tax and Debt Services tax has also been abolished.

12Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Wed Nov 27, 2019 8:35 pm

Invest2018


Senior Equity Analytic
Senior Equity Analytic
👍👍👍

13Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Wed Nov 27, 2019 8:39 pm

bhanu


Manager - Equity Analytics
Manager - Equity Analytics
Chicken will run... Also tax cut will have positive effect on dialog and slt

14Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Wed Nov 27, 2019 8:42 pm

wealth123


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
AEL / Bank & Finance will have a Direct impact.
Also Cargills / Rich will have the same.

15Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Thu Nov 28, 2019 5:04 am

wealth123


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics


2.00% NBT & 7.00% DRL removed, Also the reduction in General VAT and Telecommunication levy has a favorable impact on Finance Companies. ( Overhead cost & will improve the NPL's )
LOFC NAV @ 5.40, VFIN NAV @ 99.00.
These two shares will have a run in next two weeks, atleast to touch their NAV's.

16Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Thu Nov 28, 2019 10:15 am

bhanu


Manager - Equity Analytics
Manager - Equity Analytics
@bhanu wrote:Chicken will run... Also tax cut will have positive effect on dialog and slt
Dialog a huge jump. Unfortunately only retailers are buying..

17Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Thu Nov 28, 2019 1:13 pm

Teller

Teller
Moderator
Moderator
Dont think much magic on this market hike, i can remember few months earlier Indian government, Prime minister Moodhy ahnounces huge tax cut , suddenly their Stock market indices up with life time high, after two to three weeks market down worsly . The same scenario will apply to us also. Only intelligent investor will utilize this bubble to earn money. Poor retailers again will be in the trap. Those who have knowledge with less greedy will win the situation . Remember this cut expands the budget deficit above 5% and loss the revenue more than 1000 billion . Im agree if they implement with a proper revenue genarating sources against this loss. I believe scenarios should be practical rather than emotional. As investors its upto you to decide buy ,sell or hold, but this my opinion. Experienced and intelligent investors will understand what i say here. Good luck


_________________




Teller said is said..

18Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Thu Nov 28, 2019 2:02 pm

Sajeewa Niranjan


Senior Equity Analytic
Senior Equity Analytic
@Teller- what to buy in this situation  Crying or Very sad

19Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Thu Nov 28, 2019 5:45 pm

zenobia1


Stock Trader
removal of the withholding tax from bank interest will be disastrous; here is why:
that tax at 5% was the final tax. if it is not withheld at the source, the bank interest will be added to your income to be taxed at max of 18%. it is a far worse situation than the current payment of 5% witholding tax as the final tax, correct me if i am wrong

20Cabinet announces massive tax cuts Empty Re: Cabinet announces massive tax cuts Thu Nov 28, 2019 8:47 pm

samaritan


Moderator
Moderator
@zenobia1 wrote:removal of the withholding tax from bank interest will be disastrous; here is why:
that tax at 5% was the final tax. if it is not withheld at the source, the bank interest will be added to your income to be taxed at max of 18%. it is a far worse situation than the current payment of 5% witholding tax as the final tax, correct me if i am wrong
In that case it is stated that Capital Gains Tax on share investments is also removed. Does it mean that the Capital Gains will be added to your taxable income?
However, clarifications are necessary in relation to WHT on bank interest. Gazette notification will only reveal full details.


_________________




The biggest risk in life is not taking any risk at all.

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