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.
FINANCIAL CHRONICLE™

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

Click Link to get instant AI answers to all business queries.
Click Link to find latest Economic Outlook of Sri Lanka
Click Link to view latest Research and Analysis of the key Sectors and Industries of Sri Lanka
Worried about Paying Taxes? Click Link to find answers to all your Tax related matters
Do you have a legal issues? Find instant answers to all Sri Lanka Legal queries. Click Link
Latest images

Latest topics

» Access to invest in agri and livestock
by rajithasahan Today at 12:00 am

» ACCESS ENGINEERING PLC (AEL.N0000)
by Shiranli Yesterday at 11:48 am

» COMMERCIAL BANK OF CEYLON PLC (COMB.N0000)
by EPS Fri Oct 11, 2024 10:54 pm

» Stocks on the Radar at CSE
by Biggy Fri Oct 11, 2024 11:37 am

» Construction Giant's IPO - Access Engineering
by Nandana Withanage Thu Oct 10, 2024 1:12 am

» Price Movement in Brent Co., WTI Co., and CEYPETCO Price Revisions Since Hamas' Attack on Israel in October 2023
by pramu perera Mon Oct 07, 2024 10:49 pm

» Global Rice prices drops
by Rare Sun Oct 06, 2024 3:19 am

» Post-election winners.
by Rare Thu Oct 03, 2024 1:01 pm

» ACCESS Engineering,my target Rs. 26/-
by shiraz latiff Thu Oct 03, 2024 12:41 pm

» Access Engineering awarded two more contract packages at Colombo Port
by shiraz latiff Thu Oct 03, 2024 12:39 pm

» Asha Securities and Asia Securities Target AEL (Access Enginnering PLC )
by nilantha suranga Thu Oct 03, 2024 12:36 pm

» ACCESS ENGINEERING PLC (AEL) Will pass IPO Price of Rs 25 ?????
by Anushka Perz Wed Oct 02, 2024 10:33 am

» History Repeat Access Engineering PLC
by sakuni Wed Oct 02, 2024 10:31 am

» Asian stocks drift higher amid rate cut speculation; Japan lags
by Rare Mon Sep 30, 2024 1:29 pm

» Sri Lanka: Light Rail Transport (LRT) at what opportunity cost?
by God Father Mon Sep 30, 2024 7:52 am

» Sri Lankan companies with small market cap
by Rare Sat Sep 28, 2024 4:41 am

» Large cap Sri Lankan companies
by Rare Sat Sep 28, 2024 4:36 am

» Gold, copper, iron and aluminum no more bargain
by Rare Sat Sep 28, 2024 4:25 am

» Reinstatement of SLT-Mobitel's ETA System for Streamlined Visa Processing
by pramu perera Fri Sep 27, 2024 8:49 pm

» Oil prices fall further
by Rare Fri Sep 27, 2024 12:20 pm

» Sri Lanka rupee closes at 275/290 to the US dollar
by Rare Thu Sep 26, 2024 11:58 am

» Bullish about a sustainable turnaround - CSE Chairman
by Rare Wed Sep 25, 2024 1:51 pm

» Can NPP secure majority in Parliament?
by God Father Wed Sep 25, 2024 9:41 am

LISTED COMPANIES

Submit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)



CHRONICLE™ YouTube


You are not connected. Please login or register

Amnesty for tax evaders who agree to invest here

Go down  Message [Page 1 of 1]

samaritan

avatar
Moderator
Moderator

Amnesty for tax evaders who agree to invest here 2015_10_12-13_19_53_558817922316f4ff732f2c3d30682266_620x413_thumb

The Finance Ministry is to give a wide range of tax amnesties, including writing off penalties for those who failed to disclose any taxable income or assets by March last year, and allow others who are willing to invest the amount equivalent of the undisclosed tax in other financial instruments in the country, according to a new bill gazetted by the Finance Ministry.
Accordingly, if a person fails to disclose the taxable assets and is willing to immediately invest the equivalent amount in the country, he or she can invest in other financial instruments such as purchase shares of a resident company, treasury bills or treasury bonds issued by the Central Bank, debt securities issued by a resident company in Sri Lanka or buy any movable or immovable property in Sri Lanka.
This section of the bill will come into effect on or after the date of commencement of this Act but prior to December 31. On voluntary disclosure a one per cent nominal tax should be paid.
The bill was gazetted by the Finance Ministry this week, days after new Minister Basil Rajapaksa took office.
Under the Bill, the Commissioner General of Inland Revenue and the other officers in the Department should preserve ‘absolute secrecy’ of the declarant’s identity or the contents in the declaration. The provisions of the Inland Revenue Act on the requirement of maintaining officials secrecy including punishment will be applicable.
The bill also grants full immunity for declarants who paid the tax on voluntary disclosure from liability to pay any tax, penalty or interest or from any investigation or prosecution following the acknowledgment of the Commissioner-General of Inland Revenue Department.
The Commissioner-General is also empowered to write off the tax arrears of individuals whose assessable income, calculated in terms of the provisions of the Inland Revenue Act, No. 24 of 2017, for the year of assessment ending March 31, last year, provided they do not exceed three million rupees.

https://www.sundaytimes.lk/210718/news/amnesty-for-tax-evaders-who-agree-to-invest-here-449696.html

UNQUOTE:
In my view CSE will be an attractive option for tax amnesty beneficiaries. This can give a boost to the market!

ADVENTUS and Mr. Wayne like this post

Share this post on: reddit

avatar

Post Mon Jul 19, 2021 11:41 am by samaritan

CSE is more attractive than alternate investments as at now based on low market PER. Tax amnesty is a huge incentive that can see big money flowing into CSE.

dayandacool likes this post

avatar

Post Mon Jul 19, 2021 2:59 pm by ADVENTUS

samaritan wrote:
Amnesty for tax evaders who agree to invest here 2015_10_12-13_19_53_558817922316f4ff732f2c3d30682266_620x413_thumb

The Finance Ministry is to give a wide range of tax amnesties, including writing off penalties for those who failed to disclose any taxable income or assets by March last year, and allow others who are willing to invest the amount equivalent of the undisclosed tax in other financial instruments in the country, according to a new bill gazetted by the Finance Ministry.
Accordingly, if a person fails to disclose the taxable assets and is willing to immediately invest the equivalent amount in the country, he or she can invest in other financial instruments such as purchase shares of a resident company, treasury bills or treasury bonds issued by the Central Bank, debt securities issued by a resident company in Sri Lanka or buy any movable or immovable property in Sri Lanka.
This section of the bill will come into effect on or after the date of commencement of this Act but prior to December 31. On voluntary disclosure a one per cent nominal tax should be paid.
The bill was gazetted by the Finance Ministry this week, days after new Minister Basil Rajapaksa took office.
Under the Bill, the Commissioner General of Inland Revenue and the other officers in the Department should preserve ‘absolute secrecy’ of the declarant’s identity or the contents in the declaration. The provisions of the Inland Revenue Act on the requirement of maintaining officials secrecy including punishment will be applicable.
The bill also grants full immunity for declarants who paid the tax on voluntary disclosure from liability to pay any tax, penalty or interest or from any investigation or prosecution following the acknowledgment of the Commissioner-General of Inland Revenue Department.
The Commissioner-General is also empowered to write off the tax arrears of individuals whose assessable income, calculated in terms of the provisions of the Inland Revenue Act, No. 24 of 2017, for the year of assessment ending March 31, last year, provided they do not exceed three million rupees.

https://www.sundaytimes.lk/210718/news/amnesty-for-tax-evaders-who-agree-to-invest-here-449696.html

UNQUOTE:
In my view CSE will be an attractive option for tax amnesty beneficiaries. This can give a boost to the market!
All the Rajapakse money will come in 
haha

dayandacool likes this post

dayandacool

Post Tue Jul 20, 2021 8:20 am by dayandacool

ADVENTUS wrote:
samaritan wrote:
Amnesty for tax evaders who agree to invest here 2015_10_12-13_19_53_558817922316f4ff732f2c3d30682266_620x413_thumb

The Finance Ministry is to give a wide range of tax amnesties, including writing off penalties for those who failed to disclose any taxable income or assets by March last year, and allow others who are willing to invest the amount equivalent of the undisclosed tax in other financial instruments in the country, according to a new bill gazetted by the Finance Ministry.
Accordingly, if a person fails to disclose the taxable assets and is willing to immediately invest the equivalent amount in the country, he or she can invest in other financial instruments such as purchase shares of a resident company, treasury bills or treasury bonds issued by the Central Bank, debt securities issued by a resident company in Sri Lanka or buy any movable or immovable property in Sri Lanka.
This section of the bill will come into effect on or after the date of commencement of this Act but prior to December 31. On voluntary disclosure a one per cent nominal tax should be paid.
The bill was gazetted by the Finance Ministry this week, days after new Minister Basil Rajapaksa took office.
Under the Bill, the Commissioner General of Inland Revenue and the other officers in the Department should preserve ‘absolute secrecy’ of the declarant’s identity or the contents in the declaration. The provisions of the Inland Revenue Act on the requirement of maintaining officials secrecy including punishment will be applicable.
The bill also grants full immunity for declarants who paid the tax on voluntary disclosure from liability to pay any tax, penalty or interest or from any investigation or prosecution following the acknowledgment of the Commissioner-General of Inland Revenue Department.
The Commissioner-General is also empowered to write off the tax arrears of individuals whose assessable income, calculated in terms of the provisions of the Inland Revenue Act, No. 24 of 2017, for the year of assessment ending March 31, last year, provided they do not exceed three million rupees.

https://www.sundaytimes.lk/210718/news/amnesty-for-tax-evaders-who-agree-to-invest-here-449696.html

UNQUOTE:
In my view CSE will be an attractive option for tax amnesty beneficiaries. This can give a boost to the market!
All the Rajapakse money will come in 
haha

Even if that happens, I am not going to argue how they earned so much money ect. Country is facing a financial issue. In such a scenario, I don't care who's money is it as we all know all the politicians are corrupt to the core. At least the money will be inside the country. Wink

nigma, samaritan and TraderCSE like this post

Back to top  Message [Page 1 of 1]

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