Concerns are rising among apartment developers that the proposed transfer tax on land may hit the industry.
The Ministry of Lands announced a Cabinet decision to re-introduce the 100 percent tax on land purchased by foreigners on Thursday.
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rnIn the late nineties the tax was relaxed to allow the upper floors of an apartment block to be sold to non-residents without the transfer tax, because upper floors were effectively lquote on the sky.rn
rnThe UNF administration abolished the transfer tax altogether, resulting in non-residents buying up large tracts of land in the South Coast.
This has raised the ire of some Sri Lankan.
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rnBut there is no clear indication as to how the government will re-introduce the tax.rn
rnFinance Minister Sarath Amunugama says it is only a cabinet decision, which deals with land and details will have to be worked out when the government submits a bill to parliament.rn
rnMany interpret this to mean that government would go back to the situation that prevailed bef