The government plans to divest remaining shares it holds in listed hospitality stocks, and tinker with taxes to encourage the growth of the capital market

The government plans to divest remaining shares it holds in listed hospitality stocks, and tinker with taxes to encourage the growth of the capital market. The government plans to divest remaining shares it holds in listed hospitality stocks, and tinker with taxes to encourage the growth of the capital market. Next year’s budget forecasts to net in Rs. 7.5 bn from sales in government ownership in quoted hospitality stocks – which presently includes Hotel Developers (Hilton Hotel) and Galadari Hotel.

A 0.2 percent tax on share trading will replace a capital gains tax, which will also net in investors who make losses on the market. A tax on share transactions is effectively lower than the capital gains tax.

The bond market was also not left out of the party.

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Finance Minister promised to remove retrospective taxes on bond trading profits for 2002/3.

The one percent Economic Service Charge will be reduced to 0.

5 percent for those in the wholesale in retail trade.

-LBO Newsdesk: LBOEmail@vanguardlanka.com