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Sri Lanka to charge 7-pct tax from banks on added value EmptyYesterday at 11:51 pm by sanjulanka

» Thread for News on Local and Foreign Politics
Sri Lanka to charge 7-pct tax from banks on added value EmptyYesterday at 8:46 am by The Invisible

» Thread for News on CSE and SL Economy
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Aug 24, 2019 8:37 am by The Invisible

» The Central Bank of Sri Lanka Reduces its Policy Interest Rates
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Aug 24, 2019 4:26 am by Ethical Trader

» Dividend Announcement
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Aug 23, 2019 8:16 pm by Rana

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Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Aug 23, 2019 2:21 pm by pjrngroup

» 8000 Post Club | Celebration of a Great Milestone කිත්සිරි ද සිල්වා
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Aug 23, 2019 2:12 pm by pjrngroup

» Browns Investments update
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Aug 23, 2019 10:08 am by sanjulanka

» Thread for News on International Markets
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Aug 23, 2019 9:34 am by The Invisible

» Tokyo as at 21.08.2019 Morning
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Aug 21, 2019 10:07 am by nisashi

» අනං මනං! #/+?.<>
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Aug 20, 2019 8:18 pm by ruwan326

» What Would You Do?
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Aug 19, 2019 1:02 pm by කිත්සිරි ද සිල්වා

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Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Aug 19, 2019 10:13 am by Topcat

» NTB.N0000 (NATIONS TRUST BANK PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Aug 18, 2019 10:33 pm by lanka

» Melstacorp (MELS)
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Aug 18, 2019 8:33 pm by The Invisible

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Sri Lanka to charge 7-pct tax from banks on added value EmptySun Aug 18, 2019 8:26 pm by The Invisible

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Sri Lanka to charge 7-pct tax from banks on added value EmptySun Aug 18, 2019 8:18 pm by The Invisible

» SHL.N0000 (Softlogic Holdings PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Aug 18, 2019 8:14 pm by The Invisible

» SAMP.N0000 (SAMPATH BANK PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Aug 17, 2019 12:44 pm by nuwanmja

» Hayleys MGT
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Aug 16, 2019 8:55 pm by ruwan326

» CFVF - First Capital
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Aug 16, 2019 9:58 am by CK

» JINS.N0000 ( Janashakthi Insurance PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Aug 14, 2019 4:57 pm by The Invisible

» Ceylinco Insurance CINS
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Aug 14, 2019 9:18 am by The Invisible

» HNB.N0000 ( Hatton National Bank PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Aug 14, 2019 9:15 am by The Invisible

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Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Aug 14, 2019 9:11 am by The Invisible

» Tourism Sector
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Aug 14, 2019 4:55 am by NIRMALSG

» LIOC.N0000 (Lanka IOC PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Aug 12, 2019 2:55 pm by xmart

» HAYL.N0000 Hayleys PLC
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Aug 12, 2019 1:43 pm by CK

» PABC.N0000 (Pan Asia Banking Corporation PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Aug 12, 2019 1:33 pm by The Invisible

» Grain Elevators
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Aug 12, 2019 1:31 pm by The Invisible

» Sri Lanka sets US$3.5bn tea export target for 2030
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Aug 12, 2019 1:27 pm by The Invisible

» Tea: July 2019 national average shows gains month on month
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Aug 11, 2019 9:19 pm by Topcat

» OSEA .N
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Aug 10, 2019 6:40 pm by The Invisible

» Sri Lanka mulls reforms to punish 'errant' plantation companies
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Aug 10, 2019 6:33 pm by The Invisible

» JKH.N0000
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Aug 10, 2019 11:38 am by The Invisible

» HHL.N0000 ( Hemas Holdings PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Aug 10, 2019 10:42 am by The Invisible

» Nestle NEST
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Aug 10, 2019 10:28 am by The Invisible

» Ceylon Tobacco CTC
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Aug 10, 2019 10:26 am by The Invisible

» Volkswagen කතාවේ ඇත්ත තත්ත්වය මෙහෙමයි.
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Aug 09, 2019 5:37 pm by කිත්සිරි ද සිල්වා

» LLUB.N0000 (CHEVRON LUBRICANTS LANKA PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Aug 09, 2019 5:07 pm by Ethical Trader

» VFIN - where the journey leads it?
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Aug 09, 2019 9:21 am by ruwan326

» UAL.N0000 ( UNION ASSURANCE PLC )
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Aug 09, 2019 9:20 am by ruwan326

» SPEN.N0000
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Aug 08, 2019 10:20 pm by The Invisible

» Lanka Tiles
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Aug 08, 2019 10:15 pm by The Invisible

» Expolanka
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Aug 08, 2019 8:28 pm by ruwan326

» Tile - Snapshot
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Aug 08, 2019 11:37 am by mymoney

» DPL.N0000 (Dankotuwa Porcelain PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Aug 08, 2019 11:31 am by mymoney

» නිරුවත
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Aug 08, 2019 9:36 am by කිත්සිරි ද සිල්වා

» HAYC - Haycarb
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Aug 08, 2019 7:32 am by Beta

» WATA - Watawala
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Aug 07, 2019 12:03 pm by lanka

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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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