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Sri Lanka to charge 7-pct tax from banks on added value EmptyToday at 2:20 pm by nuwanmja

» Gota's Era
Sri Lanka to charge 7-pct tax from banks on added value EmptyToday at 11:54 am by yellow knife

» Dividend Announcements
Sri Lanka to charge 7-pct tax from banks on added value EmptyToday at 11:25 am by Rana

» LIOC.N0000 (Lanka IOC PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyToday at 9:48 am by LSE

» බැඳුම්කර වංචාවේ වෝහාරික විගණන වාර්තාව පාර්ලිමේන්තුවට
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jan 24, 2020 7:05 am by nihal123

» අසාදුගත ව්‍යාපාරිකයින්ට රජයෙන් දුන් සහනය මෙන්න
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jan 24, 2020 6:37 am by nihal123

» SAMP.N0000 (Sampath Bank PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Jan 23, 2020 5:55 pm by NIRMALSG

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Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jan 22, 2020 10:20 am by lanka

» In the Meantime, Within Our Shores !
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jan 21, 2020 10:17 am by කිත්සිරි ද සිල්වා

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Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jan 20, 2020 9:29 pm by nihal123

» Obituary Notice.
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jan 14, 2020 4:14 pm by ipo

» LOLC Holdings
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jan 13, 2020 6:04 pm by smallville

» SEYB.N0000 (Seylan Bank PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Jan 12, 2020 10:06 pm by subash

» Happy Birthday
Sri Lanka to charge 7-pct tax from banks on added value EmptySun Jan 12, 2020 9:16 pm by lanka

» ශ්‍රී ලංකා කොටස් වෙළෙඳපොළ ඉතිහාසයේ දෙවැනි විශාලතම කොටස් ගනුදෙනුව අද
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Jan 09, 2020 9:59 pm by nihal123

» Hayleys MGT
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Jan 09, 2020 5:40 pm by subash

» Browns Investments update
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Jan 09, 2020 10:42 am by The Invisible

» Tokyo Cement
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jan 08, 2020 10:48 pm by The Invisible

» Lanka Tiles
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jan 08, 2020 10:44 pm by The Invisible

» RCL - Royal Ceramics
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jan 08, 2020 10:39 pm by The Invisible

» AEL Access Engineering
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jan 08, 2020 10:30 pm by The Invisible

» Sri Lanka central bank to develop a cost-based rate to price loans
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jan 08, 2020 10:21 pm by The Invisible

» Dialog Finance
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jan 08, 2020 10:19 pm by The Invisible

» Tourism Sector
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jan 07, 2020 2:05 pm by nihal123

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Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Jan 07, 2020 1:18 am by Afourer

» Cartoon Today
Sri Lanka to charge 7-pct tax from banks on added value EmptyMon Jan 06, 2020 2:41 pm by කිත්සිරි ද සිල්වා

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Sri Lanka to charge 7-pct tax from banks on added value EmptySat Jan 04, 2020 7:36 pm by spw19721

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Sri Lanka to charge 7-pct tax from banks on added value EmptySat Jan 04, 2020 1:30 pm by nihal123

» VAT අදාළ නැති කට්ටිය මෙන්න. 50,000 ක ලැයිස්තුවක්
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Jan 03, 2020 11:55 am by nihal123

» How to get Access to: 104 Technical trading experiments by HUNTER
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Jan 02, 2020 9:20 am by Admin

» ලංකාවේ ලොකුම සමාගම මෙන්න. දුම්කොළ සමාගම අභිබවමින් ජෝන් කීල්ස් යළිත් පෙරමුණට
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jan 01, 2020 7:48 pm by Rana

» Sri Lanka’s LOLC Prepares to Sell Its Biggest Overseas Unit
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jan 01, 2020 4:43 pm by nuwanmja

» Sri Lanka’s Cargills, Sampath, DFCC Bank says met lending rate ceilings
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jan 01, 2020 4:26 pm by NIRMALSG

» Sri Lanka bank bad loans spike to 4.9-pct, non-banks 9.7-pct in Sept
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Jan 01, 2020 9:29 am by The Invisible

» People’s Bank, Sampath, and DFCC face penalties
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Dec 31, 2019 6:33 pm by nihal123

» NDB.N0000 (National Development Bank PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Dec 31, 2019 1:55 am by Trend

» COMB.N0000 (Commercial Bank of Ceylon PLC)
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Dec 26, 2019 9:23 pm by spw19721

» Thought for the day...
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Dec 26, 2019 3:41 pm by Topcat

» ඩොක්ටර් ඒලියන්ත වයිට්
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Dec 26, 2019 9:15 am by කිත්සිරි ද සිල්වා

» Why (Happy) People Cheat?
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Dec 25, 2019 8:34 pm by pjrngroup

» Who killed Cock Robin?
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Dec 25, 2019 8:33 pm by pjrngroup

» 65 Ways to Make Money Online
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Dec 24, 2019 9:24 am by Topcat

» සුළු හා මධ්‍ය පරිමාණ ව්‍යාපාරිකයින් ලබාගත් ණය අයකර ගැනීම අත්හිටුවන්න
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Dec 24, 2019 8:50 am by Topcat

» ACL Cables
Sri Lanka to charge 7-pct tax from banks on added value EmptySat Dec 21, 2019 5:34 am by NIRMALSG

» Sri Lanka to up employer EPF contribution to 15-pct, start social security fund
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Dec 18, 2019 2:46 pm by The Invisible

» රාජ්‍ය සමාගම් කොටස් වෙළෙඳපොළට ගෙන ආ යුතුයි
Sri Lanka to charge 7-pct tax from banks on added value EmptyFri Dec 13, 2019 12:37 pm by serene

» Sri Lanka can resume high growth path, cut more taxes: Mark Mobius
Sri Lanka to charge 7-pct tax from banks on added value EmptyThu Dec 12, 2019 9:29 am by The Alchemist

» රතු වැටෙනකොට
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Dec 11, 2019 2:59 pm by කිත්සිරි ද සිල්වා

» Sri Lanka interest rates should go down, currency will not fall: Mark Mobius
Sri Lanka to charge 7-pct tax from banks on added value EmptyWed Dec 11, 2019 11:18 am by The Invisible

» Equation of Happiness Solved
Sri Lanka to charge 7-pct tax from banks on added value EmptyTue Dec 10, 2019 5:23 pm by Backstage

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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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