Sunday, 1 February 2015

Mansion tax to be revised; requires fine-tuning

The Government’s mini budget proposal to impose a ‘mansion tax’ of one million rupees on houses that are worth more than Rs. 100 million or having 5,000 square feet will be revised, Finance Minister Ravi Karunanayake said yesterday. “There is considerable confusion over this levy. People have asked me what happens to large ancestral homes that have been coming down from family to family for generations,” he told the Sunday Times.

(Source: Sunday Times)

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