COLOMBO (EconomyNext) – Not everyone in the private sector has ill-gotten gains, head of Sri Lanka’s Ceylon Chamber of Commerce, after Finance Minister Ravi Karunanayake said he was slamming one-off taxes on large companies who had such profits.
Ceylon Chamber of Commerce Chief Suresh Shah said the new administration had made election promises and in order to deliver them, taxes may have to be imposed.
"Not everyone in the private sector has ill-gotten gains," Shah told the minister at a budget seminar organized by the chamber Friday.
"I think that is the real fundamental concern that we had."
The budget slapped a 25 percent extra income tax on large corporates with profits in excess of 2.0 billion rupees.
The budget also slapped expropriationary one billion rupee taxes on some companies, raising questions whether they were ‘revenge’ taxes.