Proposed property tax to boost Govt. income 2025 onwards: Siyambalapitiya

Tuesday, 31 October 2023 01:37 - - {{hitsCtrl.values.hits}}

State Minister of Finance Ranjith Siyambalapitiya said the proposed property tax will help boost the income collection to the Government coffers.

However, he asserted that it will be implemented only after a thorough analysis in 2025.

The State Minister assured that common people will not be affected by the new tax as it will be imposed only on individuals who own multiple properties.

Justifying it as a progressive tax, Siyambalapitiya said the Local Government and common people will stand to benefit from the levy.

He also noted that the tax is being prepared considering the recommendations made by the International Monetary Fund (IMF).

The IMF has previously indicated the need for the introduction of a wealth transfer tax scheme which will boost the income of the Government.