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Inland Revenue Act amendments dampen investor sentiment

Amendments to the Inland Revenue Act, the rupee deprecation, global economic uncertainty  and the economic slow down have affected investor sentiment at the Colombo Stock Exchange (CSE), stock market sources said.

Amendments to the Act that propose a Rs. 1.5 million annual charge on listed companies, 250,000 on other companies, 30,000 per private company, while introducing the Debt Repayment Levy from the previous budget along with other internal and external factors created a negative sentiment at the CSE yesterday, stock market analysts said.

Stock brokers also said possible loose fiscal policies in the upcoming budget to woo voters ahead of next year's Provincial Council and presidential polls have also hurt investor sentiment.

'Emerging-market equities languished in bear territory on Thursday, shrugging off the prospect of new trade talks between China and the United States, while Turkey’s lira recovered, analysts said.


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