Hirunews Logo
Cabinet+Approves+Reintroduction+Of+Capital+Gains+Tax
Thursday, 16 June 2016 - 15:51
Cabinet Approves Reintroduction Of Capital Gains Tax
10

Shares
1,272

Views

Cabinet of Ministers has granted approval for the government to reintroduce the Capital Gains Tax (CGT) scheme.

Announcing the cabinet decisions Wednesday (June 15), the government said during the last few decades there has been a massive increase in the private capital in the country.

According to the government, the increase in prices of land attributable to the large infrastructure developments carried out through government funds have enabled the land owners to make significant capital gains free of taxation. This resulted in the increase in the inequality of income distribution.

 The Cabinet Committee on Economic Management therefore has agreed to reintroduce the Capital Gains Tax to rectify the situation.

The proposal made by Prime Minister Ranil Wickremesinghe as the Chairman of the Cabinet Committee on Economic Affairs to draft a new Capital Gains Tax Regime, was approved by the Cabinet of Ministers.

Make a Comment
Make a Comment

DOWNLOAD HIRUNEWS APP ON ANDROID & APPLE
Farmers occupy A-9 road to dry paddy
Thursday, 22 February 2018 - 13:52
The drivers who are using the A-9 road complain that farmers have occupied certain sections of the road stretch from Puliyankulama to Mullaitivu to dry... Read More
News Image
Hiru News Programme Segments
3,302 Views
15,272 Views
605 Views
2,904 Views
286 Views
16,706 Views
Top