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Sri Lanka Equity Forum » Stock Market Talk » No capital gain tax on bourse...

No capital gain tax on bourse...

Go down  Message [Page 1 of 1]

1 No capital gain tax on bourse... on Sun Sep 25, 2016 2:33 pm

happybulls

avatar
Equity Analytic
Equity Analytic
http://www.sundaytimes.lk/160925/business-times/capital-gains-on-again-off-again-209521.html

Capital gains – on again, off again!
By Duruthu Edirimuni Chandrasekera
View(s):


Stock market stakeholders can toast the decision to (re)-scrap the capital gains tax on Colombo Stock Exchange (CSE) transactions.  Sources close to the Finance Minister Ravi Karunanayake told the Business Times that the Treasury has decided to do away with the decision to impose capital gains on CSE transactions at the forthcoming budget with ministry officials also confirming this.  The government was oscillating on implementing this tax amidst acute displeasure by the industry and has now focused on the ‘right’ direction, an analyst said. Introduced after a hiatus of 29 years at the last budget, the rationale for this tax was to lure in the top 20 per cent who own 80 per cent of the capital in the country.
The industry was crying out against this tax saying that there is great uncertainty over the application of capital gains tax, including the rate, and its calculation was beyond cumbersome. They said this tax is being imposed at a time when the CSE has fallen considerably necessitating the enforcement of buoyant policies to heighten confidence, and let the bourse grow. This resistance prompted the government to re-introduce the share transactions levy in April.  ”So now the decision to retain this levy would do some good for the stock market,” an analyst said. “Changing the goal post is the worst thing for the CSE. When this happens, all investors lose faith and they adopt a wait-and-see approach,” he said.

2 Re: No capital gain tax on bourse... on Sun Sep 25, 2016 4:01 pm

sisira.wijeweera


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@happybulls wrote:http://www.sundaytimes.lk/160925/business-times/capital-gains-on-again-off-again-209521.html

Capital gains – on again, off again!
By Duruthu Edirimuni Chandrasekera
View(s):


Stock market stakeholders can toast the decision to (re)-scrap the capital gains tax on Colombo Stock Exchange (CSE) transactions.  Sources close to the Finance Minister Ravi Karunanayake told the Business Times that the Treasury has decided to do away with the decision to impose capital gains on CSE transactions at the forthcoming budget with ministry officials also confirming this.  The government was oscillating on implementing this tax amidst acute displeasure by the industry and has now focused on the ‘right’ direction, an analyst said. Introduced after a hiatus of 29 years at the last budget, the rationale for this tax was to lure in the top 20 per cent who own 80 per cent of the capital in the country.
The industry was crying out against this tax saying that there is great uncertainty over the application of capital gains tax, including the rate, and its calculation was beyond cumbersome. They said this tax is being imposed at a time when the CSE has fallen considerably necessitating the enforcement of buoyant policies to heighten confidence, and let the bourse grow. This resistance prompted the government to re-introduce the share transactions levy in April.  ”So now the decision to retain this levy would do some good for the stock market,” an analyst said. “Changing the goal post is the worst thing for the CSE. When this happens, all investors lose faith and they adopt a wait-and-see approach,” he said.
good News

3 Re: No capital gain tax on bourse... on Sun Sep 25, 2016 7:48 pm

Cricketman


Senior Equity Analytic
Senior Equity Analytic
Yes. This is a good news provided there won't be a clarification tomorrow from FM.

4 Re: No capital gain tax on bourse... on Sun Sep 25, 2016 7:52 pm

Teller

avatar
Moderator
A good decision by government .

5 Re: No capital gain tax on bourse... on Sun Sep 25, 2016 8:23 pm

Brinthan

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Cheers...Another good news from gvt...

6 Re: No capital gain tax on bourse... on Mon Sep 26, 2016 9:34 am

Gallardo


Manager - Equity Analytics
Manager - Equity Analytics

Re: No capital gain tax on bourse...

 by sisira.wijeweera Yesterday at 4:01 pm

@happybulls wrote:http://www.sundaytimes.lk/160925/business-times/capital-gains-on-again-off-again-209521.html

[size=18]Capital gains – on again, off again!
By Duruthu Edirimuni Chandrasekera
View(s):


Stock market stakeholders can toast the decision to (re)-scrap the capital gains tax on Colombo Stock Exchange (CSE) transactions.  Sources close to the Finance Minister Ravi Karunanayake told the Business Times that the Treasury has decided to do away with the decision to impose capital gains on CSE transactions at the forthcoming budget with ministry officials also confirming this.  The government was oscillating on implementing this tax amidst acute displeasure by the industry and has now focused on the ‘right’ direction, an analyst said. Introduced after a hiatus of 29 years at the last budget, the rationale for this tax was to lure in the top 20 per cent who own 80 per cent of the capital in the country.
The industry was crying out against this tax saying that there is great uncertainty over the application of capital gains tax, including the rate, and its calculation was beyond cumbersome. They said this tax is being imposed at a time when the CSE has fallen considerably necessitating the enforcement of buoyant policies to heighten confidence, and let the bourse grow. This resistance prompted the government to re-introduce the share transactions levy in April.  ”So now the decision to retain this levy would do some good for the stock market,” an analyst said. “Changing the goal post is the worst thing for the CSE. When this happens, all investors lose faith and they adopt a wait-and-see approach,” he said.[/size]
[size]
good News
[/size]

sisira.wijeweeraSenior Manager - Equity Analytics


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Thankful to hear this!  It's the need of the hour for an already undervalued market with undervalued blue chips.  I hope there's more confirmation soon and given all the uncertainty in the past, this time the decision looks final!

7 Re: No capital gain tax on bourse... on Wed Sep 28, 2016 9:01 pm

happybulls

avatar
Equity Analytic
Equity Analytic
Today Ravi Abeysooriya mentioned that CGT will not apply for equities & other debt instruments as per the present draft documentation on CGT...



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