The Sri Lankan government is scrapping the 100 percent tax levied on foreigners buying land in that country in favor of a new special land tax to be unveiled in the 2012 budget.
The new tax will remove restrictions on foreigners buying and developing land anywhere in the country, and will also close loopholes which have allowed many foreigners to buy land in Sri Lanka tax free. It is also thought that removing the tax will increase tourism and property sales to foreigners. The overall aim of the decision is to increase the revenues coming into government coffers from the sale of land to foreigners, sources from the Finance Ministry told reporters.
(Source: The Epoch Times)
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