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New property tax in the offing
The Government is set to implement a new property tax starting from 2025, State Minister of Finance Ranjith Siyambalapitiya disclosed.
This decision has come as a result of recommendations put forth by the International Monetary Fund (IMF), according to the State Minister.
"The new tax will primarily target individuals possessing substantial property assets. These individuals will be required to pay a tax based on the value of their properties," the State Minister underscored.
"The motive behind this move is to address income inequality and finance development projects across the nation," he added.
It is worth noting that the IMF, a key international financial organization, provided recommendations that pushed Sri Lanka towards crucial decisions including this tax imposition. (Sheain Fernandopulle)
Comments - 55
Comments - New property tax in the offing
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Lanka Sunday, 29 October 2023 08:40 PM
The first victim of this tax will be all 225 MPs who accumulated wealth and money from the public funds ..IMF may know this that is why they come up with this . Let them now how many houses and properties they do have ?Let the taxman haunt them first and get enough money from them after all those are looted money ..
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Dunama Kanam Sunday, 29 October 2023 11:23 PM
The 225 have better ways to hide their assets obviously. Wake up, it’s called off shore accounts
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Ponnambalam Monday, 30 October 2023 02:11 AM
Those with excess immovable capital will now transfer these to other family members. These crooks will device new plans to escape the full force of this law.
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Peter Monday, 30 October 2023 02:38 AM
Don't forget the property ownership of top customer officers , income tax officers doctors and other millions of big business owners, They all owe money to poor Sir Lankans
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Permanent Secretary Monday, 30 October 2023 06:16 AM
Don’t worry we will have to pay those taxes via the ministry of those ministers as most of the MPs are ministers, rest of the MPs will use the same loopholes created by ministers!
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Appu Monday, 30 October 2023 07:30 AM
I'm pretty sure the MPs won't be taxed. Wait and see. It'll be again a burden on the public.
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Mahila Monday, 30 October 2023 07:39 AM
Damned Good, if that happens and all Robbed Wealth and ill-gotten funds by MP's RECOUPED by the Treasury
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Mahila Monday, 30 October 2023 07:39 AM
Damned Good, if that happens and all Robbed Wealth and ill-gotten funds by MP's RECOUPED by the Treasury
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Be Fair Monday, 30 October 2023 08:24 AM
Lanka you must be mad...!! the 225 doesn't have any wealth. Thats the reason they dont declare their Assets, you didnt know that?
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This is reality Monday, 30 October 2023 08:46 AM
Don't be too sure dear Lanka. Our MPs are super experts at wriggling through the smallest loophole available. Whatever tax imposed will apply only to the general citizens. Point!
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ChildOfGod Sunday, 29 October 2023 08:44 PM
Wouldn't need to have a property tax, if the Government went after the culprits and their stooges who were responsible for bringing the Country to it's knees and masses to their belly's (better late than never during this term of Government). Don't put the blame on IMF, time the Government got their ACT and initiated legal action on those responsible, instead of turning a BLIND EYE as to how the Country got to ROCK BOTTOM!!!. Looks like the MASSES need to prepare for their second coming.
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Jamis Sunday, 29 October 2023 09:14 PM
Thank you sar. Only left is our back now!!! Tat too can be soon taxed...
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Joshua Sunday, 29 October 2023 09:44 PM
These morons have to pay tax for their wealth before we pay. Time to put this right. BTW it is very clear that this year's budget has been drafted by imf for the beggars
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Rent payer. Sunday, 29 October 2023 09:51 PM
No worries.Soon ads will appear for the sale of luxury apartments and houses.Our ex presidents,ministers their minions and all the others who owned property bought from I'll gotten gains will divest themselves from such.
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Dee Sunday, 29 October 2023 09:51 PM
The cost of a plain tea, 3 wheeler fares, bus fares , bread and also the pavement Ammes bunch of herbs will be increased with effect from midnight today due to the government imposing a new tax on those who earn substantial property assets!
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Jude Sunday, 29 October 2023 10:28 PM
Taxing the property owners with new system is long overdue!! There's large number of property owners sitting on property worth Over HALF a billion rupees and More like 2 billion rupees paying peanuts as property tax!!
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Sam Silva Sunday, 29 October 2023 10:34 PM
If this is going to target the people who has substantial assets, these are the same people who are not declaring their assets currently and not paying their dues income tax. We have all the laws in our country but it's been implemented to only to certain people.
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Proud Boy Sunday, 29 October 2023 10:51 PM
What bunkam is this???? Ranjith Siyambalapitiya Is talking nonsense. The rich and poor citizens of this country are subject to heavy taxes in different forms to make-up for the mismanagement and large scale robbery by politicians of successive governments. Ranjith Siyambalapitiya says “The motive behind this move is to address income inequality and finance development projects across the nation," he added” this is totally false and incorrect. We citizens are subject to this tax to meet the debt repayment targets set by the IMF. This is not being implemented because of the IMF but because we have been taken for a ride by the 225 rogues in parliament.
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Gaston Sunday, 29 October 2023 10:57 PM
We are paying enough taxes for no returns of anything. We go to private hospitals and schools etc as the governments have failed to provide anything qualitative. Re. Property Taxes- Scooping beggar buggers..... so what's the meaning of Stamp Duty when purchasing a land? What is Varipanam? Let you all collapse before 2025, sure we need not pay a dime anymore.
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VRAJ Sunday, 29 October 2023 10:58 PM
THOSE WHO HAVE PROPERTIES IN MUNICIPALS AND TOWN COUNCILS MUST COLLECT PROPERTY TAX.
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Their assets are on someone else's name Sunday, 29 October 2023 11:16 PM
The country is in this dire state all because of corrupted politicians. This country's wealth is in their pockets. Whatever the property owned by ordinary citizens in this country are from their hard earned money. Almost all the property owned by political crooks are looted public money. Law has no way of punishing any of them because they are above the law.
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Gb Sunday, 29 October 2023 11:29 PM
Politicians will find some way to hide/exempt themselves from this tax, if they see trying to address inequalities in sri lanka all they need to do is stop politicians stealing and improve education for the poor
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Ahmed Monday, 30 October 2023 12:46 AM
You need money for their Pajeros and foreign trips
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From Greer,SC Monday, 30 October 2023 01:40 AM
Hello, don’t you see the country down to bankruptcy due to stealing of government coffers by rogue politicians along with you,so why not suggesting way to collect those billions,without tax public
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Shalani Tharaka Monday, 30 October 2023 01:55 AM
Hirunika most valuable property is backside.
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Sivalingam Monday, 30 October 2023 01:56 AM
Harak Katha Nayaka and the leeches of Diyawannawa are going to have to pay a lot of taxes.
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Jagath Ekanaya Monday, 30 October 2023 02:35 AM
I bet large scale criminals like rajapaksas will be granted immunity from taxes by thier servant Ranil.
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Ravi Hulugalle Monday, 30 October 2023 02:37 AM
A country only the poor pay taxes and utility bills. Time to kick these criminals out and give a chance to the JVP.
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Tinpot president and his criminal gang Monday, 30 October 2023 02:41 AM
How about the 6.4 billion dollars in damages for the Pearl Express disaster? Nobody talks about it now. The Ranil rajapaksa criminal syndicate pocketed the $250 million bribe and are now waiting for the citizens to forget. People don't let these criminals get away.
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Ram Monday, 30 October 2023 03:04 AM
Without receiving any money from IMF we have come a little distance thanks to covid issue subsiding and our workers overseas sending us Forex. Why all this taxes. Why not study whether such taxes are charged in the developed countries. Answer 'No' the first house is exempt from taxes except Local Council rates in Australia. That is what I learnt from a friend
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Nuwan Monday, 30 October 2023 03:09 AM
Who is going to valuate this? Isn't this an infringement on private property rights? This is not different to the alleged JVP property redistribution laws. This will force people to sell their properties, if they don't make any money.
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Mohommed Monday, 30 October 2023 04:02 AM
What is the plan to collect the correct amount of taxes from big guns who in turn pay back for the ones who tolerate them? They feel no inflation pain. Can deposit massive sums of bail for elections without any pain welcoming cancel culture.
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Fact Monday, 30 October 2023 06:23 AM
This Government will not exist in 2025.
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Tinpot president and his sleazy ways. Monday, 30 October 2023 06:25 AM
What happens when crooks like the rajapaksas have property all over the island in other people's names? How about overseas property owned by criminal politicians? This tax is for the hard-working people who worked for their assets and did not square them with stolen money.
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Reformist Monday, 30 October 2023 06:51 AM
To address the "income equality"? Yes. This should have happened donkeys years ago. First, find out how MPs and public servants amassed such wealth with their meagre salaries. It will lead to finding out wealth acquired from corrupt means. Kill two birds with one stone. Will it happen? No hope. This is SL.
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Grace Monday, 30 October 2023 07:30 AM
The government should consider to introduce taxes for people's dresses too. Only those wearing Loincloths (Komudu) should be exempted. Females wearing costly clothes also should be taxed.
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Pusswadilla Monday, 30 October 2023 07:35 AM
See that all MPs pay their Electricity, Water and tax bills on time. Any fella not doing so should not be allowed to enter parliament. Same with any fella who wish to contest or be nominated for future any elections.
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Prof. H.A. Jayawardene Monday, 30 October 2023 07:49 AM
Oh my God, Siyambalapitiya why you and Ranil, showing excuses towards IMF and squeezing the neck of our citizens. Enough bluffing and taxing, only you politicians have enough and enough properties and wealth, why not first tax them and set an example.
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Dr. J.D. Meeripanne Monday, 30 October 2023 07:51 AM
Mr. Minister, this is too much. For sure, you guys will be chased like Gota by April next year. Stop these nonsense taxing.
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Percy Wijenayake Monday, 30 October 2023 07:53 AM
Watch for under valuations of property assets.
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D.M.P. Samarakoon (attorney-at-law) Monday, 30 October 2023 07:55 AM
Best start with your own State Minister Sanath Nishantha who inherited the poor man's properties in Chilaw paying some thousands. He has more than 3,800 Acres in Chilaw and Puttalam. Start with him and then start with Kehliya, Aluthgamage, Johnstan, Rohitha etc.,
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ANTON Monday, 30 October 2023 07:57 AM
VERY SOON THERE WILL BE BOGGING TAX TOO
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Tudor Gunawardene - Journalist Monday, 30 October 2023 08:00 AM
Stop this Taxing game, before it is too late Mr. Minister. Now people are getting ready for a Staving War. After that war neither Ranil nor your dirty regime will remain.
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Do Doo Dooo Na Monday, 30 October 2023 08:02 AM
Why not start this mission (Taxing) with Rajapakshe family members, that is enough to show to IMF.
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Sokrates Monday, 30 October 2023 08:03 AM
A good decision to introduce this tax, which exists in most countries. However, properties should only be taxed above a certain value, for example 1 million.
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navratne willamune Monday, 30 October 2023 08:06 AM
The main residance should be subjected to local council taxes,as at present but other properties owned should be subjected to wealth tax.people will however find a way around this....In most countries this is done
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Jayantha Monday, 30 October 2023 08:27 AM
Go home you fool. Only thing you can do is taxing the public nothing else. Did you cut the unnecessary pension of parliamenterians, did you cut the free fuel quota for parliamenterians and top officials, did your remove the luxury vehicles of politicians. Nothing is done but juat robbing the public with thw help of imf rogues. Time for people foe mass protest and send these jokers home.
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Gunadasa Monday, 30 October 2023 09:42 AM
This is impractical as the property owners can transfer their assets to others and hide the ownership.
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concerned citizen Monday, 30 October 2023 10:06 AM
Tax amount depending on size of back
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Ponnusamy Ravindran Monday, 30 October 2023 10:12 AM
Hardworking and thrift persons penalised for lazy and corrupt people who live on state sponsorship.. Will lead people holding properties in Bennami and will not solve problem.. The ill gotten money by the politicos must be recovered first before other reforms. Otherwise dhamma will not allow other attempts to be sucessful
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Siraj Monday, 30 October 2023 10:16 AM
these tax will be excluded for 225 their henchments and will only be charged to general public who now could not breath more taxes wow...
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True Lankan Monday, 30 October 2023 11:15 AM
Yeah milking the public is not new, Kindly let all your MP's pay the tax first.
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Sammy Monday, 30 October 2023 12:44 PM
Sqeezing money from wherever they can. In addition to property held, the owners income
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johan Monday, 30 October 2023 01:18 PM
For what Property Tax.We purchase property with our hard earned money there again we pay 5% tax to Govt.on the property value which runs into lakhs of rupees.Atleast govt.has no courtesy to give us basic facilities like sewerage and drainage systems. Why do we feed 225 Baboons in parliament. IMF can run the SL Govt.
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Karalasingam Sivalingam Monday, 30 October 2023 04:01 PM
No harm in taxing the wealthy, many have not declared their assets, let the affluent pay.
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