Sri Lanka to impose 2-pct tax on banks

hariesha · 1 Sri Lanka to impose 2-pct tax on banks Thu Nov 21, 2013 10:28 pm

hariesha

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How this NBT will affect the Banks and Finance sector? Is there any chartered accountant in the forum who has studied the budget proposals?

If so, please clarify.

Gaja · 2 Re: Sri Lanka to impose 2-pct tax on banks Thu Nov 21, 2013 10:32 pm

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Government expected to earn around 3.6 Billion from this, how much can be passed to the customers is the question?

Reduction is VAT on Retail and wholesale limit and limitation of percentage of VAT Exempted sales, we have to wait and see how its going to further effect the supermarkets, heavy machinery dealers - need to get more clarifications on this i hope we can get some clarification on Sat Seminar

Leon · 3 Re: Sri Lanka to impose 2-pct tax on banks Fri Nov 22, 2013 8:21 am

Leon

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Still it is not clear the tax based on revenue or the profit. So better keep an eye on it.

aiyosalli · 4 Re: Sri Lanka to impose 2-pct tax on banks Fri Nov 22, 2013 9:10 am

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Most of the cases in fact all the time these indirect taxes are based on turnover. May be they will give a tax liable turnover and i don't think this can be charged to customers instead they will adjust it through their cost of funds.Ultimately the customer will suffer. As Gaja said we can clarify this in tomorrow's seminar. PB jayasundara, Mr Gajendran all are coming to Cinnamon Grand tomorrow.

Gaja · 5 Re: Sri Lanka to impose 2-pct tax on banks Fri Nov 22, 2013 9:28 am

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aiyosalli wrote:Most of the cases in fact all the time these indirect taxes are based on turnover. May be they will give a tax liable turnover and i don't think this can be charged to customers instead they will adjust it through their cost of funds.Ultimately the customer will suffer. As Gaja said we can clarify this in tomorrow's seminar. PB jayasundara, Mr Gajendran all are coming to Cinnamon Grand tomorrow.

Friend its at Galadari isn't it?

aiyosalli · 6 Re: Sri Lanka to impose 2-pct tax on banks Fri Nov 22, 2013 9:34 am

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My God Really sorry its at Galadary. Thannx

worthiness · 7 Re: Sri Lanka to impose 2-pct tax on banks Fri Nov 22, 2013 9:44 am

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If there is no strict regulations imposed by CBSL, all banks simply pass the additional levy, if not at least a part of it, to end customers directly or indirectly. Whatever, it is too early to understand the process.

Gaja · 8 Re: Sri Lanka to impose 2-pct tax on banks Fri Nov 22, 2013 10:18 am

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worthiness wrote:If there is no strict regulations imposed by CBSL, all banks simply pass the additional levy, if not at least a part of it, to end customers directly or indirectly. Whatever, it is too early to understand the process.

As per the NBT Act customers CAN refuse to pay the NBT.