Sri Lanka’s debt recovery levy or Medamulana tax on banks came into effect today (October 1) although it was scheduled to be implemented with effect from last April, Finance Ministry sources said.
According to Finance Minister Mangala Samaraweera this well planned bank levy will be a tax deductible business expense.
The 2018 budget proposed this special levy for financial institutions to be implemented with effect from April 1 which will be applicable for three years. The implementation of the levy had been delayed due to administrative issues, a senior official said.
The 2018 budget proposed, Rs.2 levy per Rs.10,000 on cash transactions (0.02 per cent) should be payable by all financial institutions.
“This levy will not be passed on to the customers and the financial institutions get a rebate of the levy from their income tax.” he added.
The new levy will generate Rs.20 billion for the government’s debt repayment. (Bandula)
The Judicial Service Commission (JSC) has interdicted Colombo Fort Magistrate Kosala Senadheera.
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
The Supreme Court today refused interim relief in an application filed by President’s Counsel Senaka Walgampaya seeking an Order from the Supreme Court compelling the President to appoint judges to fill the existing vacancies in the Court Of Appeal.
Gazette on new speed limit regulations to be issued within two weeks
Two underworld criminals wanted for multiple crimes, including murder, were brought from Dubai to Sri Lanka, today (12).
Senior DIG Nilantha Jayawardena has been sent on compulsory leave pending disciplinary investigation over his failure to prevent the Easter Sunday bombings.
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