The first transaction – a Crossing that was made following the abolition of the Share Transaction Levy at the Colombo Stock Exchange (CSE) was carried out this morning (04 January) when Singer (Sri Lanka) BV, the major shareholder in Singer Industries (Ceylon) PLC, sold its 83.55 per cent shares in Singer Industries.

This transaction involved 3,213,600 shares being sold at Rs. 206 each, totaling to Rs 662 million.

The Share Transaction Levy imposed on the CSE has been removed from today through the 2016 budget. Under this levy which was effective till 31 December 2015, 0.3 per cent from each transaction at the CSE had to be paid as taxes to the government. This was valid to the seller as well as the buyer.

Through the abolition of this levy, the tax revenue earned by the government is Rs. 3,972,009.60 for today.

Singer Industries is the manufacturer and assembler of Sri Lanka’s popular brand of sewing machines Singer.