Expats buying land here will be charged a 100% tax, with a committee appointed to recommend action for new land sales and real-estate already sold.
The committees advice due in 7 weeks will also cover policies on foreign ownership of other property like condominiums.
rnFreedom Alliance Minister Anura Dissanayake told reporters in Colombo today that the government had already decided to reintroduce the 100 per cent tax on land purchases by foreign nationals. rn
rnNew legislation would be drawn up to bring back the tax and will be based on the advice of the committee. rn
rnStill to be decided is the value on which the tax will be calculated on, wither the market value of the land rn
rnThe Minister says the government wants to make sure local lands dont go far from home. rn
rnHowever any amendments to the Finance Act to introduce the new tax must get Parliamentary approval.rn
rnMeanwhile, when the government announcement came earlier this month, property developers said the uncertainty an