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Sri Lanka Equity Forum » Stock Market Talk » No change in Sri Lanka stock market taxes: Eran

No change in Sri Lanka stock market taxes: Eran

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DS Wijesinghe


Manager - Equity Analytics
Manager - Equity Analytics
Prime Minister Harv wanted to impose 28% capital gains tax, now finally withdrawn, but damage is done to the market. Index dragged down by hundreds of points. What a capital market friendly PM we have. He is only favorable to manipulate and push the bond interests rates up[b][/b]

ECONOMYNEXT - No changes were planned for taxes on stock market trading in revamped income tax law being presented to parliament tomorrow, State Minister for Finance Eran Wickramaratne said.

"There will not be a change on how stock market transactions are taxed," Wickramaratne told reporters in Colombo.

"The current share transaction levy will continue."

The new Inland Revenue bill proposed a steep 28 percent tax on profits of stock trading (capital gains), instead of a more reasonable rate like 5 or 10 percent, while long term investment would remain free of tax.

At the moment only 0.3 percent tax is imposed on stock at the point of purchase. The new administration however slapped a 15 percent value added tax on hospital care.

Over 100 amendments are planned for the bill from what was originally gazetted, officials have said. (Colombo/Aug24/2017)

samaritan


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@DS Wijesinghe wrote:Prime Minister Harv wanted to impose 28% capital gains tax, now finally withdrawn, but damage is done to the market. Index dragged down by hundreds of points. What a capital market friendly PM we have. He is only favorable to manipulate and push the bond interests rates up.
Very true. This is not the first time the Govt caused confusion & panic among investors in relation to imposing CGT dragging indices down.

I wonder whether this is deliberately done for some to benefit. Anything & Everything is possible under 'Yamapalanaya'.

Chinwi

avatar
Associate Director - Equity Analytics
Associate Director - Equity Analytics
මම ත් මේ ලියන්න හැදුව විතරයි.

They always inject HIV first. Then talking about injecting a vaccine.


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