SEC urges government to reintroduce share transaction levy

 

 

The Securities and Exchange Commission (SEC) has urged the government to reintroduce the share transaction levy and scrap the idea to slap capital gains tax on capital market transactions, SEC Chairman Thilak Karunaratne said.

Making the keynote address at the Colombo Club luncheon meeting on Thursday he said, "I have written to the Prime Minister on this and appealed and hopefully the share transaction levy will be reintroduced and the capital gains tax may not be imposed."

The share transaction levy of 0.03 per cent was scrapped by the budget in 2015 in a bid to encourage market transactions. With the global turmoil and adverse domestic factors, the capital market failed to perform during the past two years. In a bid to fill state coffers, the capital gains tax, a complicated tax system is said to be introduced in the upcoming budget. (DEC)

 

 

 

 

 

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