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Sri Lanka Equity Forum » Stock Market Talk »  Hotels and Travels Sector

Hotels and Travels Sector

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1 Hotels and Travels Sector on Tue Jan 01, 2019 8:53 pm

ruwan326

ruwan326
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Hotels Association poised to make major economic contribution
2019-01-01

The hotel industry remains the only industry in the country which has the potential to turn around the sluggish economy. We eagerly look forward to the opportunity of partnering with the government in taking Sri Lanka’s economy to new levels, with proper incentives and conditions in place similar to those in other countries in the region, The Hotels Association of Sri Lanka (THASL), said in a year-end statement yesterday.


“We further request the government to pursue both legal and policy reforms that will recognize tourism as an export industry and establish the necessary framework for a vibrant, diverse and successful tourism industry in Sri Lanka,” THASL President Sanath Ukwatte said.


THASL requests the government, once again, to treat the industry fairly. “Excessive and arbitrary taxation has made it very difficult for our member hotels to compete with other regional countries. Sri Lanka’s hotels pay 22 percent tax on the total revenue (not profit) in addition to corporate income tax (on profit). 

This includes taxes such as Value Added Tax (VAT), Nation Building Tax (NBT), Tourism Development Levy (TDL) and Economic Service Charge (ESC). This multiple taxation on both revenue and profit creates an environment that is unfavorable for Sri Lanka’s hotels and thereby makes our tourism offering uncompetitive in comparison to our neighbours. This is our strongest disincentive in developing the tourism industry.”


“In addition to the existing revenue-based tax burden, the tourism industry is also faced with municipalities and local governments threatening to charge an additional 1percent tax on total revenue. We believe this tax is entirely unrealistic, discriminatory and arbitrary as it only targets the hotel industry. Hotels already pay annual municipal and local government rates to cover municipal and local government services. We request the Government to abolish all such arbitrary taxes and adopt a simplified and fair tax policy similar to that applicable in other countries in the region. This is an urgent priority,” Ukwatte added.


“We would like to see the government taking some meaningful steps in the New Year to relieve us of uncompetitive tax burdens and encourage the sector to enhance and grow. We are hopeful that the budget for 2019 will accommodate our requests, in order to realize and strengthen the inherent potential of the industry.” 


THASL, which has a member base of over 250 hotels, said Sri Lanka is now steadily on the path to recovery, following a series of internal issues that rocked the industry.

 

http://www.dailymirror.lk/article/Hotels-Association-poised-to-make-major-economic-contribution-160509.html

2 Re: Hotels and Travels Sector on Wed Jan 02, 2019 7:51 am

easthetic


Equity Analytic
Equity Analytic
Higher taxes also leads businessmen to find ways to circumvent the tax payments as well.

3 Re: Hotels and Travels Sector on Tue Jan 08, 2019 8:14 pm

ruwan326

ruwan326
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Sri Lanka's Hunas Falls soars amid take-over offer

Jan 07, 2019 

Sri Lanka's Hunas Falls Hotels Plc, a hotel in Sri Lanka's knuckles mountain range has soared 19.3 percent amid a take-over offer.

Carbotels (Pvt) Ltd, and Amaya Leisure Plc has which own 66.2 percent of the firm has received a take-over-offer for their entire holding subject to due diligence, Hunas Falls said in a stock exchange filing.
No price was mentioned.

On Friday the stock gained 21.40 rupees to close at 131.80 rupees.

In the six months to September 2018, the hotel earned revenues of 68.7 million rupees up 4 percent from a year earlier and lost 1.3 million rupees. 

But a profit of 4.8 million rupees, down from 6.5 million rupees was posted for the quarter.
The hotel is located off Kandy.

https://economynext.com/Sri_Lanka_s_Hunas_Falls_soars_amid_take_over_offer-3-13063-7.html

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