Sunday, 17 October 2010

Overseas Realty to moot tax drop

The Overseas Realty (Ceylon) PLC is making representations to the Ministry of Finance for a process of what it calls ‘fairplay’ in applying Value Added Tax (VAT) to property development projects, officials said.
"This tax is applicable at 12% to 'large' projects that are worth more than US $10 million.

But we say that large projects (by their developers) can be targeted at lower middle income segments as well - it's just that the projects are larger. We're presenting a paper on this to the Finance Ministry before the budget with another property sector developer," W.D. Barnabas, CEO ORL told the Business Times on the sidelines of a media conference to launch the company’s rights issue.

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Source: Sunday Times

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