Sri Lanka revises mansion tax rules: Report

Feb 09, 2015 (LBO) – Sri Lanka’s proposed Mansion Tax was amended imposing on houses larger than 10,000 square feet, which is twice as large as originally propose in an interim budget 2015, a media report said quoting Finance Minister Ravi Karunanayake. Accordingly the report, the Mansion Tax would be levied on houses where the floor areas was 10,000 square feet or more in the original budget the taxable FLOOR area was 5,000 square feet.

The value also has been raised to over 150 million rupees from 100 million rupees at announced in the budget. The tax will be applicable to the houses that were built after year 2000.

The relevant tax would be collected on an annual basis commencing 2015 through the local authorities.

The tax will be in addition to local authority rates and taxes.