Regulatory Alerts2014-07-31 | 02/17/800/0014/002Central Bank of Sri Lanka Directive on Cessation of Investment Fund Account Operations
The Central Bank of Sri Lanka issued a directive on 31 July 2014 to cease all operations of the Investment Fund Account effective 1 October 2014. The regulation terminates specific VAT and income tax transfer requirements to the account and restricts post-July 2014 interest income exemptions. Banks are instructed to transfer remaining IFA balances to retained earnings and adjust capital funds recovered from loan repayments accordingly.
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