The UNF administration looks set go ahead with the tax on share trading profits, with the same determination, it is implementing unpopular reforms against less privileged classes in the country.
Pampered equity investors who have been protected from taxation for more than two decades howled in protest at the 15 percent tax proposed by Finance K N Choksy in the budget, despite gaining nearly Rs. 150 bn in portfolio values during the last two years.rn
rnldblquote We looked upon it as nothing incorrect, nothing immoral, nothing unjust, in asking those making large profits in the stock exchange to contribute 15 percent only for the state coffers,
dblquote an indignant Minister Choksy told reporters on Friday.rn
rnldblquote They keep the balance 85 percent, so speaking for myself I seen nothing wrong in it all, I think it is a fully justified proposal,
dblquote he said.rn
rnSri Lankas government finances are suffering from willy-nilly exemptions given in the past, to promote investment. rn