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» අනං මනං! #/+?.<>
Sri Lanka to charge 7-pct tax from banks on added value EmptyToday at 7:50 am by ruwan326

» My Port Folio Bleeding But Its just the Begining Of..
Sri Lanka to charge 7-pct tax from banks on added value EmptyToday at 7:39 am by serene

» Thread for News on CSE and SL Economy
Sri Lanka to charge 7-pct tax from banks on added value EmptyToday at 7:06 am by ruwan326

» HASU.N0000 (HNB ASSURANCE PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyToday at 6:59 am by ruwan326

» Real Estate Market in Sri Lanka- A booming Industry or a Bubble?
Sri Lanka to charge 7-pct tax from banks on added value EmptyToday at 6:43 am by ruwan326

» SAMP.N0000 (SAMPATH BANK PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyToday at 6:25 am by ruwan326

» RCL - Royal Ceramics
Sri Lanka to charge 7-pct tax from banks on added value EmptyYesterday at 5:24 pm by The Invisible

» Sri Lanka bad loans grow to 4.8-pct in June after soft-peg collapse
Sri Lanka to charge 7-pct tax from banks on added value EmptyYesterday at 3:58 pm by The Invisible

» Banks, Finance & Insurance Sector Chart
Sri Lanka to charge 7-pct tax from banks on added value EmptyYesterday at 3:51 pm by The Invisible

» HNB Update
Sri Lanka to charge 7-pct tax from banks on added value EmptyYesterday at 3:39 pm by The Invisible

» Cricket, meet Capitalism
Sri Lanka to charge 7-pct tax from banks on added value EmptyYesterday at 12:26 pm by nuwanmja

» Dividend Announcement
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jul 19, 2019 9:32 pm by nihal123

» Browns Investments update
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jul 19, 2019 7:45 pm by The Invisible

» LOFC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jul 19, 2019 1:03 pm by Fireandwater

» "පියසේනට දැං සනීපයි..."
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jul 19, 2019 10:47 am by Yin-Yang

» What's going to happen
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jul 19, 2019 6:26 am by serene

» TJL.N0000 (Textured Jersey Lanka PLC.)
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Jul 18, 2019 11:50 am by serene

» CFVF - First Capital
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Jul 18, 2019 7:43 am by serene

» විද්‍යාව මිස්ගේ පාඩම...
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jul 17, 2019 7:27 am by sanjulanka

» Trading Journal
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jul 16, 2019 11:50 pm by pathfinder

» වචන නම් අපේ ඒත් තනුව ?????????
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jul 16, 2019 8:08 pm by Rana

» Access Engineering AEL Technical Analysis
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jul 15, 2019 3:07 pm by NIRMALSG

» Tourism sector
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Jul 14, 2019 8:57 am by NIRMALSG

» LFIN - LB Finance
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Jul 11, 2019 11:27 am by Ethical Trader

» අපි නොදන්න චෙස් කිව්වලු !
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jul 09, 2019 6:25 pm by serene

» Stock Market to stay Bullish
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jul 08, 2019 7:51 am by කිත්සිරි ද සිල්වා

» Is an emoji a word or a gesture?
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jul 08, 2019 7:46 am by කිත්සිරි ද සිල්වා

»  Rajgama Heroes !
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jul 08, 2019 7:39 am by කිත්සිරි ද සිල්වා

» HHL.N0000 ( Hemas Holdings PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Jul 07, 2019 12:25 pm by dhanurrox

» Checkmate, meatbags !
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Jul 07, 2019 7:20 am by spw19721

» GLAS.N0000 (PIRAMAL GLASS CEYLON PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Jul 06, 2019 8:13 am by කිත්සිරි ද සිල්වා

» සංචාරක පැමිණීම ක්‍රමයෙන් යහපත් වන ලකුණු
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jul 05, 2019 6:11 pm by serene

» Easter Sunday Attack and Sri Lanka
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Jul 04, 2019 8:46 am by කිත්සිරි ද සිල්වා

» First capital holdings
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jul 03, 2019 1:37 pm by serene

» What to Analyse
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jul 01, 2019 11:33 am by serene

» අනිසි ලෙස කොටස් මිල හැසිර වූ ආයෝජකයින් දෙදෙනෙකුට සුරැකුම්පත් කොමිසමෙන් නඩු
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jun 28, 2019 2:11 pm by Ethical Trader

» අද වෙන්දේසියේ දී බිල්පත් පොළිය පහළට.
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jun 28, 2019 7:46 am by serene

» AAIC.N0000
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jun 28, 2019 7:33 am by serene

» SERV - The Kingsbury
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Jun 27, 2019 8:27 pm by ruwan326

» TPL.N0000 (TALAWAKALE PLANTATIONS )
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jun 26, 2019 2:22 pm by nuwanmja

» Life After Google
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jun 25, 2019 5:28 pm by කිත්සිරි ද සිල්වා

» S&P ශ්‍රී ලංකා 20 දර්ශකයේ වෙනසක්. CTC, NTB, රිචඩ් පීරිස් සහ ටෝක්යෝ සිමෙන්ති ඉවතට
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jun 25, 2019 6:37 am by nihal123

» Future of Tea Industry
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jun 24, 2019 6:54 pm by hammurabi

» Cricket !
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jun 24, 2019 2:22 pm by කිත්සිරි ද සිල්වා

» DIPD.N0000 (Dipped Products)
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jun 24, 2019 11:40 am by Ethical Trader

» DOCK.N0000 (COLOMBO DOCKYARD PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Jun 23, 2019 9:14 pm by hammurabi

» මිල සූත්‍රය වැරදුණාද, වැරැද්දුවාද?
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jun 21, 2019 5:25 pm by Ethical Trader

» Happy Father's Day !
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jun 17, 2019 8:58 pm by spw19721

» DPL.N0000 (Dankotuwa Porcelain PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Jun 16, 2019 7:12 am by NIRMALSG

» Re: Financial reports Q1-2019
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jun 14, 2019 8:57 pm by dhanurrox

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Sri Lanka to charge 7-pct tax from banks on added value

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Sri Lanka to charge 7-pct tax from banks on added value Empty Sri Lanka to charge 7-pct tax from banks on added value

Post by The Invisible on Mon Aug 20, 2018 10:43 am

ECONOMYNEXT - Sri Lanka has proposed to charge 7 percent value added style-tax from banks and finance companies, in changes proposed to the Finance Act as a so-called Debt Repayment Levy.

The proposed tax will be calculated "applying the attributable method" referred in the value added tax act 14 of 2002, the bill said.

It is not clear whether customers who take loans can recover the tax, through their value added tax payments.

Banks already pay a non-recoverable value added tax which falls mostly on salaries.

If the 'Debt Repayment Levy' is not recoverable as part of the standard value added tax regime by borrowers, the administration would have added yet another tax to the already complex system and would be going against a promise given to reduce the overall number of taxes and broadbase a few and boost compliance in bid to put the country on a faster growth path.

Including the tax in the existing VAT regime is would be consistent with the policy of base-broadening.

Banks are considered easy targets for tax, but the overall effect is to push up nominal interest costs.

The proposed changes to the law also allows for discretion to make exceptions, which critics say can lead to corruption.

"The Ministry may, having regard to the economic development of the country by Order published in the Gazette, exempt any transaction of a financial institution specified in such Order, from the payment of the Levy payable under this Part, subject to such condition as may be specified in such Order.

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Sri Lanka to charge 7-pct tax from banks on added value Empty Re: Sri Lanka to charge 7-pct tax from banks on added value

Post by nihal123 on Mon Aug 20, 2018 11:05 am

Thanks Inv
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Sri Lanka to charge 7-pct tax from banks on added value Empty Re: Sri Lanka to charge 7-pct tax from banks on added value

Post by Ethical Trader on Mon Aug 20, 2018 5:51 pm

Thanks.
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