The annual Mansion Tax proposed by Finance Minister Ravi Karunanayaka in his Interim Budget was amended yesterday, before the Appropriation Bill was approved by Parliament, placing further limitations on those liable to the tax. The Rs. 1 million annual Mansion Tax was to be levied from owners of houses valued at Rs. 100 million or [...]

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Amended Mansion Tax targets bigger, pricier properties

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The annual Mansion Tax proposed by Finance Minister Ravi Karunanayaka in his Interim Budget was amended yesterday, before the Appropriation Bill was approved by Parliament, placing further limitations on those liable to the tax.

The Rs. 1 million annual Mansion Tax was to be levied from owners of houses valued at Rs. 100 million or more, or houses with a floor area of over 5,000 square feet, whichever is higher.

However, yesterday Mr. Karunanayake said the Mansion Tax would be levied from owners of buildings where the floor areas is 10,000 square feet, or more or are valued at over Rs. 150 million, and were built after year 2000. The relevant tax will be collected through local authorities from this year and will be in addition to local authority rates and taxes.

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