Inland Revenue Inspectors masquerading as investors.

Kithsiri · 1 Inland Revenue Inspectors masquerading as investors. Sat Aug 27, 2011 1:04 pm

Kithsiri

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Is it possible to have incognito Inland Revenue Inspectors masquerading as investors in this forum and such practices are common?
pale

nkalansu

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Kithsiri wrote:Is it possible to have incognito Inland Revenue Inspectors masquerading as investors in this forum and such practices are common?

Sri Lanka does not have capital gains tax. So they can't tax us i think. However if they want to introduce such a tax..... then i have a message for them if they are present here. That message is...... you can expect market to reach zero level in a very short period if you go ahead with such plans.

And there goes the CSE...... and the dream of Wonder of Asia is Finished..........

However they can check where investors are getting money to invest in CSE................mmmmmmm that you have to be carefull...if you haven't declared such income then you are in trouble......

Last edited by nkalansu on Sat Aug 27, 2011 1:23 pm; edited 2 times in total (Reason for editing : additional information)

Namalaka

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However they can check where investors are getting money to invest in CSE................mmmmmmm that you have to be carefull...if you haven't declared such income then you are in trouble......

Yes.. This is very much possible since CSE is a government body..
Better to declare the income if you are doing big investments in CSE..

Slstock

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I do not think they will or be a wise move at any cost if even that thought crosses their mind. There are so many big players they can concentrate on if this is the case and chasing small/medium investors (with their hard earned money who spend time in these types of forums) will be a waste of time and resources as compared to finding 1 HNWI.

I am willing to bet , the combined net worth of all the investors of this forum would be less than certain big players.

Also note that recently bangladesh gov took a decision to let even black money enter stock market. I would say it is a wise decision because it will bring government more income than none in the previous case from this action. There will be no questions asked and only applicable taxes when trading is charged. Note Sri Lanka too charges tax for share trading as you know. There is no capital gain tax and only for good reason. If there is it would be like adding insult to injury to small/medium investors right now.

The average overall return this year in the stock market is around 4%. It is in par with TBILLS . Who wants to may it worse?

Just think : IF Microsoft charges RS 25000 for a official Windows 7 license in Sri Lanka, it will naturally encourage many with lesser asserts to find other resources to get a cheap/no cost copy. If they made it RS 1500 and affordable, how many more would want to buy a official copy? Can it bring more revenue to MS based on volume?

thushanthalk

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guys don't worry about such a capital gain tax. coz they will not tax us twice since we pay taxes for every buy and sell we do in CSE. I agree with nkalansu because you have to face for some discrepancies if you haven't disclose your earnings and assets in past years.
As a Tax Consultant my advice to all pay taxes a reliable amount. It should be match with your lifestyle and other works. Otherwise you will be caught by IRD.
for more tax education about tax other similar things please visit

http://accountancy-forum.blogspot.com/

Roboticfx

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Isn't there any problem if we can declare our income? Question

wiser

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don't worry, they can't tax capital gain. it is an ethic. If GOSL do that, Then foreign investors will not come to this country. Mr. Rajapakse is not an idiot to do such a fool thing. He knows how to develop our country very well.

Kithsiri

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For you & I, it is much cheaper to declare and pay but for some (many) non declaration & pay someone else is a much cheaper option?

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Inland Revenue Inspectors masquerading as investors.

1 Inland Revenue Inspectors masquerading as investors. Sat Aug 27, 2011 1:04 pm

Kithsiri

2 Re: Inland Revenue Inspectors masquerading as investors. Sat Aug 27, 2011 1:18 pm

nkalansu

3 Re: Inland Revenue Inspectors masquerading as investors. Sat Aug 27, 2011 3:39 pm

Namalaka

4 Re: Inland Revenue Inspectors masquerading as investors. Sat Aug 27, 2011 5:00 pm

Slstock

5 Re: Inland Revenue Inspectors masquerading as investors. Sat Aug 27, 2011 8:38 pm

thushanthalk

6 Re: Inland Revenue Inspectors masquerading as investors. Sat Aug 27, 2011 8:49 pm

Roboticfx

7 Re: Inland Revenue Inspectors masquerading as investors. Sat Aug 27, 2011 10:40 pm

wiser

8 Re: Inland Revenue Inspectors masquerading as investors. Sun Aug 28, 2011 9:43 am

Kithsiri

9 Re: Inland Revenue Inspectors masquerading as investors.

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