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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » LOFC is liable to pay VAT 18% and 25% one-off Surcharge tax

LOFC is liable to pay VAT 18% and 25% one-off Surcharge tax

4 posters

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Peris.G


Equity Analytic
Equity Analytic

Budget proposals-


25% one-off surcharge tax to be imposed on organization/indivduals with a taxable income over Rs.2Bn for Y/A 2020/2021 

VAT on financial services 18% This tax can not be charged from the customers of the financial institute. 

I had a discussion with professionally qualified tax consultants  regarding budget 2022

Both of these will negatively  affect towards the bottom line/profit  since this tax could not be passed on to customers 

LOFC holders will disagree with the statement. but can not be make any changes on budget 2022

Hopefully we can see blood bath on monday 

hanuma


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Sure.blood bath on Monday.

stockchaser


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

hanuma wrote:Sure.blood bath on Monday.
Who is this guy came to the forum from Noware ???

Swissinvest


Manager - Equity Analytics
Manager - Equity Analytics

All Banks ans NBFI will be impacted not only LOFC.

The impact of this tax to LOFC may be minimal as the Actual Income Tax Expense has been ranging only 3% in 2020/21 and 2019/20 at Statutory Tax rates 24% and 28% during those years.

Tax effect of other allowable credits (Note 28.1).
Fair value change in investment properties (Note 23).
Source: LOFC 2020/21 AR NOTES TO THE FINANCIAL STATEMENTS
LOFC is liable to pay VAT 18% and 25% one-off  Surcharge tax Tax11

Swissinvest


Manager - Equity Analytics
Manager - Equity Analytics

LOFC is liable to pay VAT 18% and 25% one-off  Surcharge tax Eeeeee11

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