Sri Lanka’s Finance Minister justifies the Mansion Tax

Feb 02, 2015 (LBO) – Sri Lanka’s Finance Minister said he was ready to pay Mansion Tax even though his house was less than 5000 square feet. He made this comment during a television program on Saturday.

My house is about 4800 square feet but I’m ready to pay the tax because I imposed it, Finance Minister of Sri Lanka Ravi Karunanayake said.

Our target is to gain revenue for the country and I do not think it’s unfair,”

”But we are coming up with certain recommendations and proposals on how exactly this is going to work, he said.

The new government imposed a tax termed as Mansion Tax of one million rupees to be levied on owners of all houses valued at Rs. 100 million or more or on houses larger than 5000 square feet in extent, whichever is higher on an annual basis.

The relevant tax would be collected on an annual basis commencing 2015 through the local authorities. Also the tax will be in addition to local authority rates and taxes.

However, commenting on LBO, most of the readers criticized the tax and said even though their houses came under 5000 square feet it was hard for them to pay suc