Jun 23, 2017

Perpetual not paid their taxes!

In relation to the financial year 2015/16 three primary institutions have not paid their taxes, said Assistant Director of the Department of Supervision of Non-Banking Financial Institutions at the Central Bank, Suresh Prasanga Sedara yesterday.

He revealed that among these companies that had made profits yet failed to pay their taxes, were Perpetual Treasuries.

He also revealed that Netwealth Securities and Cert Capital were the other two companies that had failed to pay their taxes.

Sedara further added that of the said companies, Netwealth Securities had recorded a loss for the for the relevant year but it had received the amount from NSB Fund Management Company.

He added that although Wealth Trust Securities had made an allocation for the payment of taxes, it was not paid.

Meanwhile, Counsel for Perpetual Treasuries Limited Nihal Fernando questioned Sedara and Deputy Solicitor General Milinda Gunatillake objected claiming that instead of questioning the witness Fernando was making various statements.

The two had a heated argument over the issue.

Nihal Fernando: Does your department receive daily updates on the primary dealers?

Witness: No

Nihal Fernando: Do you receive information on other primary dealers daily?

Witness: Following a Monetary Policy Guidelines, the Department of Supervision of Non-Banking Financial Institutions receives daily updates on Perpetual Treasuries. But, we do not receive daily reports on other primary dealers.

The Assistant Director of IT at the Central Bank, Wasantha Alwis also gave evidence before the commission yesterday.

The commission will beet again today at 10.30 am.