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No change in Sri Lanka stock market taxes: Eran

Aug 24, 2017 14:04 PM GMT+0530 | 0 Comment(s)

  

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)
 


 

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