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

LISTED COMPANIES

Submit Post


ADVERTISE
Poll

EXCHANGE RATE PREDICTION: 2022

 
 
 
 

View results

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» POSITIVES & TARGETS BY IMTIAZ BUHARDEEN
by Gowri123 Yesterday at 4:38 pm

» When will supply chain disruptions ease?
by Gowri123 Yesterday at 4:08 pm

» We’re seeing a shift toward international and value stocks, says Schwab’s Kleintop
by target1 Yesterday at 2:40 am

» Wall Street stumbles as consumer pessimism stokes growth fears
by target1 Yesterday at 2:34 am

» Free Market Capitalism vs. Crony Capitalism
by target1 Yesterday at 2:30 am

» Sri Lankan corporations reap large profits as workers and rural toilers face poverty and starvation
by CHRONICLE™ Tue Jun 28, 2022 6:37 pm

» අද රාත්‍රියෙන් පසු, යක්ෂයාගේ හෝරාව ඇරඹේ!
by God Father Tue Jun 28, 2022 6:13 pm

» Derana 360 with Minister Dhammika Perera
by samaritan Tue Jun 28, 2022 1:07 pm

» CENTRAL INDUSTRIES PLC (CIND.N0000)
by LHW Tue Jun 28, 2022 9:24 am

» Breaking News- Kanchana to go to Qatar ; 2 more ministers off to Russia
by Beyondsenses Tue Jun 28, 2022 8:13 am

» PM thanks President Biden for assuring US support to Sri Lanka
by Beyondsenses Tue Jun 28, 2022 8:07 am

» Sri Lanka Stock Market heading toward ASPI 4500
by God Father Mon Jun 27, 2022 9:14 pm

» Why no power cuts in certain areas of Colombo?
by God Father Mon Jun 27, 2022 8:03 pm

» Expolanka to continue its winning streak
by samaritan Mon Jun 27, 2022 9:49 am

» කොළඹ රාජකීය ගොල්ෆ් සමාජය විසින් රජයේ දේපළ අවභාවිත කිරීම
by ddindika Mon Jun 27, 2022 9:33 am

» LOLC to enter the giant Indian Market
by samaritan Mon Jun 27, 2022 9:17 am

» LOLC HOLDINGS PLC (LOLC.N0000)
by CHRONICLE™ Mon Jun 27, 2022 6:46 am

» SOEs within Minimum Programme for Economic Recovery
by CHRONICLE™ Mon Jun 27, 2022 6:44 am

» COVID WAVES: Can there be another Covid-19 wave in Sri Lanka?
by CHRONICLE™ Mon Jun 27, 2022 6:36 am

» Luminex Limited lists on the Diri Savi Board after a capital raise of Rs. 250 Million
by CHRONICLE™ Mon Jun 27, 2022 6:34 am

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Tax paid by shareholders

Tax paid by shareholders

Go down  Message [Page 1 of 1]

1Tax paid by shareholders  Empty Tax paid by shareholders Wed Nov 24, 2021 10:59 am

Kaptivajkss


Senior Equity Analytic
Senior Equity Analytic

ECONOMYNEXT – The effective tax rate on Sri Lanka banks is expected will be around 70 percent for the past financial year after a ‘super gains’ style tax was proposed for the second time and a so-called ‘financial VAT’ was increased, a tax expert said.



Sri Lanka in the budget for 2022 proposed a windfall tax on 25 percent for large companies which had earned over 2.0 billion rupees in the financial year that is just ending.
A so-called financial VAT was also increased by 3 percent to 18 percent, reversing a 2019 sudden removal of a tax called the Nation Building Tax.
“Most banks earn over two billion rupees in Sri Lanka,” Duminda Hulangamuwa Senior Partner and Head of Tax of Ernst and Young in Sri Lanka told representatives of the top German brands in Sri Lanka.


“Their effective tax rates will go up in my view, with the 25 percent and 3 percent, to about 70 percent for the last financial year.”




Ad Hoc policies
Sri Lanka’s elected ruling class had brought the ‘super gains tax’ in 2015 after the so-called ‘100 day’ splurge which destabilized the budget.
In 2015 spending to gross domestic product surged to 20.9 percent from 17.3 percent in 2014, and the deficit went up to 7.6 percent from 5.7 percent.
In December 2019 taxes were slashed without a sitting parliament again de-stabilizing finances.
The deficit in 2020 went up to 13.9 percent of GDP from 6.8 percent, though some payments made in 2020 was pushed back to the previous year to show an 11.1 percent of GDP deficit.

The elected ruling class at the time had promised the super gains tax, which was retrospective, will be a ‘one time only’ tax but had opened Pandora box of tax uncertainty which punishes large companies.
Meanwhile Hulangamuwa said the then Prime Minister had promised that it will be never repeated.
“When the Super Gains Tax was implemented in 2016 by the then government I remember the Prime Minister in parliament saying this is the only time they are going to charge the tax,” he said.
“Now a subsequent government is in charge.

2Tax paid by shareholders  Empty Re: Tax paid by shareholders Wed Nov 24, 2021 11:47 am

Kaptivajkss


Senior Equity Analytic
Senior Equity Analytic

The author of the article does not understand that the tax money is mainly used to pay salary....

it’s not that the government steal money from tax payers...we need to understand the reality...see we have PhD holders professors senior professors and many of that category they lack capability to survive on their own...they claim they have obtained these degrees after doing independent research...yet they still rely on poor citizens for their survival...

an ordinary citizen who invest his money in stock market is liable to pay taxes...where as a person who earns salary from government is not required to pay tax...in other words poor citizens feed these so called educated society...is it meaningful blame the government or opposite government...they had to pay even if they don’t work...otherwise they will strike..they will work 1 hr pay day for that the government will have to pay day salary...otherwise they will strike and cripple...you need to pay tax for them to get sabatical leave after working 1 hr per day...you need to pay tax for them to get vehicle permit...and many more perks...you stop paying them...they have Tata bata futa to strike....

will someone show one outstanding research carried out by these people...for example...take Malik ranasinghe or ananda jay awards a...they have PhD in civil engineering guess post doc professor senior professor and many more title....yet they don’t know how to survive on their own..,they don’t even know how to produce low cost cement in this country....show one significant scientific contribution made by the UGC chairman...nothing...l

we have many phds
PRofessors senior professors and many with title...see how much was spent to buy Covid vaccination......

Why does this country need these PhD holders professors senior professors and many....as someone stated....INDEFINITE BURDEN

Back to top  Message [Page 1 of 1]

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