By Ishara Gamage
Ceylon Finance Today: The government will re-submit the controversial Revenue Act amendments to Parliament today (22nd), Finance Ministry Secretary Dr. R.H.S. Samaratunga told Ceylon FT.
"We will re-submit those long delayed amendments to the Finance Act and Inland Revenue Act without any single omission or revision", he said.
The Ministry is confident that it will get required parliamentary approval without any hassle.
"First of all we have to re-submit it and then we have to wait another week for approval," he added.
The Mini-Budget of the new government was presented to Parliament on 29 January and it introduced several controversial taxes such as super gain tax and mansion tax.
Dr. Samaratunga told Ceylon FT yesterday that all those revenue amendments were still at the Committee Stage of Parliament and if they were not passed within this fiscal year, they become null and void, which, he said, would impact revenue targets for 2015.
Except the revenue proposals which have been brought under Gazette notifications, other all revenue proposals have to be passed in the same fiscal year. Otherwise they become invalidated, he said.
We are not saying that we are going to lose that tax money, but we are very much frustrated with this unusual delay," he said
The Government imposed a retrospective ‹super gain tax› in its supplementary budget.
This proposes a 25 percent tax to be imposed on corporates which have gained profits of over Rs. 2 billion during 2013-14.
According to the new amendments, the government has said a Rs. One million Mansion Tax will be imposed on houses valued at Rs. 150 million and over or 10,000 square feet floor area, which have been built after 1 April 2000.
www.ceylontoday.lk
Ceylon Finance Today: The government will re-submit the controversial Revenue Act amendments to Parliament today (22nd), Finance Ministry Secretary Dr. R.H.S. Samaratunga told Ceylon FT.
"We will re-submit those long delayed amendments to the Finance Act and Inland Revenue Act without any single omission or revision", he said.
The Ministry is confident that it will get required parliamentary approval without any hassle.
"First of all we have to re-submit it and then we have to wait another week for approval," he added.
The Mini-Budget of the new government was presented to Parliament on 29 January and it introduced several controversial taxes such as super gain tax and mansion tax.
Dr. Samaratunga told Ceylon FT yesterday that all those revenue amendments were still at the Committee Stage of Parliament and if they were not passed within this fiscal year, they become null and void, which, he said, would impact revenue targets for 2015.
All those new taxes come under the Finance Act amendments, the Ministry Secretary said.
Though the expected revenue has not been gained through these taxes the new government has made all payments properly, he said. We don't have any revenue issues.
Though the expected revenue has not been gained through these taxes the new government has made all payments properly, he said. We don't have any revenue issues.
But somehow we have to collect this money, he remarked.
Except the revenue proposals which have been brought under Gazette notifications, other all revenue proposals have to be passed in the same fiscal year. Otherwise they become invalidated, he said.
We are not saying that we are going to lose that tax money, but we are very much frustrated with this unusual delay," he said
The Government imposed a retrospective ‹super gain tax› in its supplementary budget.
This proposes a 25 percent tax to be imposed on corporates which have gained profits of over Rs. 2 billion during 2013-14.
According to the new amendments, the government has said a Rs. One million Mansion Tax will be imposed on houses valued at Rs. 150 million and over or 10,000 square feet floor area, which have been built after 1 April 2000.
www.ceylontoday.lk
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