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Taxation in Sri Lanka mainly includes excise duties, value added tax, income tax and tariffs. [1] Tax revenue is a primary constituent of the government's fiscal policy . The Government of Sri Lanka imposes taxes mainly of two types in the forms of direct taxes and indirect taxes.
The individual has to report any sale of shares (i.e. capital gain/loss) through the annual return by 25 May of the year following the one in which the sale was performed and pay the related taxes, based on a self-assessment made considering the information reflected in the annual return, within the same reporting deadline (i.e. 25 May).
Elsewhere in Europe though, Norway has exempted both gold and silver bullion coins with face value from VAT; Norway is part of the wider EEA (European Economic Area) and thus applies the same "intra-community transaction" rules to all of Europe on a bilateral basis resulting in legally tax-free silver coin availability throughout all of Europe.
"Additionally, you may face state and local taxes, which could bring your total tax rate to as high as 54% — 37.6% in federal income tax, plus 3.8% in net investment income tax, plus 12.3% in ...
Most stocks and bonds currently enjoy a lower long-term capital gains rate of 0% for taxpayers in the 10% and 15% ordinary income tax brackets, 15% if you're in the 25% to 35% brackets, and 20% ...
Sri Lanka has so far failed to make enough progress in boosting tax collection and other economic reforms for the International Monetary Fund to release a second tranche of $330 million in the ...
A direct consumption tax may be called an expenditure tax, a cash-flow tax, or a consumed-income tax and can be flat or progressive. Expenditure taxes were briefly implemented in the past in India and Sri Lanka. [2] This form of tax applies to the difference between an individual's income and any increase/decrease in savings.
With gold prices reaching a new record high of $2,400 per ounce recently, the precious metal has provided a return of 12% since the beginning of the year. In this economic cycle, investors are...