What next if Super Gains Tax not passed by Parliament?
Posted on June 17th, 2015

Adaderana

If Parliamentary approval cannot be obtained for the Super Gains Tax, the Mansion Tax etc introduced by the new government’s interim budget, it could be obtained in the next parliament and hence no issues would arise over their legal aspects, said Finance Minister Ravi Karunanayake.

The Finance Minister added that though these taxes have been included in the Order Paper of Parliament the Opposition was obstructing their progress.

Though the expected revenue has not been gained through these taxes the new government has made all payments properly, he said further.

While it is pointed out that if these tax proposals cannot be adopted through the current Parliament then it would be done so through the next Parliament and hence any issues on their legality would not arise and the taxed would be levied in the future for the periods mentioned, said Minister Ravi Karunanayake.

Levies like the Super Gains Tax are imposed on some 35 companies in Sri Lanka while there are around 72,800 companies in the country, the Finance Minister added further.

However, the general consensus is that the Super Gains Tax which has retrospective effect has come under heavy criticism.

Finance Minister Ravi Karunanayake pointed out that this is only a one-off levy.

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