Friday, 26 July 2013 00:00
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At present, 10% and 5% discounts are allowed when annual and quarter rates are paid during the first month respectively. I am pleased to hear that Colombo Municipality has announced that 10% would be increased to 15% with effect from 2014. Similarly, 5% discount would be increased accordingly. This is a recognition given to rate payers who always pay their statutory dues early. Congratulations.
I make the following suggestions:
1) 5% discount for quarterly taxes be increased to 10%.
2) 15% discount could be allowed with effect from 1.1.2014, but 10% could be allowed with effect from 1.7.2013 (quarter ending 30.9.2013 also included).
3) Resolution confirming discounts for quarterly rates could be passed even after 31.7.2013 but it should have retrospective effect for payments made during July 2013.
4) All Municipal, Urban and Village Councils should follow this style, so that rate payers enjoy this concession island-wide.
I expect a press notification from Colombo Municipal Council soon.
S.R. Balachandran BSc.FCA,FCMA
Colombo 6
