Tag Archives: VAT hike

Sri Lankan shares fall for 4th straight session; VAT proposal weighs

First Capital’s Head of Research, Dimantha Mathew speaks to Reuters Tue Sep 20, 2016

“Going forward, we don’t think this trend of correction will last long.”

COLOMBO, Sept 20 (Reuters) – Sri Lankan shares fell for a fourth straight session on Tuesday, led by large caps, as selling pressure on stocks expected to take a hit from a proposed tax increase weighed on sentiment.

The benchmark Colombo stock index ended 0.32 percent weaker at 6,429.94, its lowest close since Aug. 1. It fell 0.34 percent last week, its fourth straight weekly loss.

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Sri Lankan shares edge down on VAT-hike concern

First Capital’s Senior Research Analyst, Atchuthan Srirangan speaks to Reuters Wed Sep 14, 2016

“Investors are worried about the VAT hike. Profit-taking was also there.”

COLOMBO, Sept 14 (Reuters) – Sri Lankan shares closed marginally lower on Wednesday, posting their lowest closing level in nearly six weeks, as a government proposal to raise the value added tax (VAT) hurt market sentiment.

The government on Wednesday said the cabinet has approved a proposal to increase the VAT to 15 percent from 11 percent with some amendments, a move halted by the Supreme Court earlier. The hike is expected to be implemented after parliamentary approval later this month.

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