Written by Keshala Dias
22 Jun, 2017 | 6:12 pm
The total turnover of Perpetual Treasuries Limited raised eyebrows at the Presidential Commission of Inquiry today.
The documents in this regard were challenged by the state.
Counsel for Perpetual Treasuries Limited presented to the Commission that the total turn over from 1st of February 1, 2015 to March 31, 2016, was just over Rs. 800 billion.
However, he pointed that it was very low compared to other Primary Dealers.
He made the submission in response to the explanation given by the Assistant Director of the Department of Supervision of Non-Banking Financial Institutions at the Central Bank, Suresh Prasanga Sedara yesterday.
The Counsel highlighted that the turnover was important to assess the performance of a Primary Dealer.
The witness revealed that following a Monetary Board directive last year, Perpetual Treasuries Limited must report on all daily matters to the bank.
The witness revealed that only NSB Fund Management Company had paid taxes on profits in cash.
He added that however, there is a dispute if there is liability for taxes on profits noting that some Primary Dealers had made provision to pay taxes.
Primary Dealers must pay withholding tax at source when securities are issued by the Central Bank of Sri Lanka.
Wasantha Alwis, the Assistant Director of IT at the Central Bank continued his evidence via an affidavit.
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