Business

Colombo shares fall sharply on increasing taxes in amended budget

30 January 2015 - 130   - 0

 

 

The Colombo bourse fell sharply in Friday’s early trading session, on the back of the mini budget which saw many increased taxes. The new fiscal plan for the year had many surprises while also accommodating the expected relief proposals as mentioned in their election manifesto. At the outset, especially for the investors in the equity market this revised budget is nothing short of a shocker with increased taxes and additional levies on alcohol manufacturers and telecos, brokers said. Analysts said that the introduction of the one off tax of 25 per cent on corporates and individuals who earned a profit of over Rs 2 billion for this financial year would have a significant impact on FY15E profitability of such company shares. The benchmark All Share dipped 2.39 per cent to 7,200.32 while the S&P dropped by 3.56 per cent to 3,987.68 on a Rs. 1.14 billion turnover by 11. 50 am. Turnover was boosted by interest in blue chips such as JKH.

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