'Mansion tax' plan yet to be formulated

Deputy Minister of Policy Planning and Economic Affairs Dr. Harsha de Silva has said that a criteria to charge the 'Mansion tax' is yet to be formulated. In the interim budged presented on 29th January a new tax, dubbed the 'Mansion tax' of 1 million Rupees per annum was introduced on homes worth more than 100 million Rupees (1000 lakhs) or with an area greater than 5000 square feet.

The Deputy Minister further said that this tax is aimed at "those who built luxury houses in the recent past in Colombo" and "not for villas that were built in the past that have been passed down the generations". He further went on to add that "though there are large houses, sometimes the retirees who live in those houses don't even posses 10,000 Rupees, let alone 1 million Rupees" and that these situations will be taken in to consideration when formulating the plan. 

The Deputy Minister went on to add that "we're also hoping to come up with a system that will charge the million rupees in a just manner with a feasible plan".

Meanwhile, the Minister of Finance Ravi Karunanayake speaking on the 30th of January further clarified the 'Mansion tax' by saying that the tax will "not apply to apartments except Penthouses". He also said that "This tax is for those houses that came up within the past five to six years" and that they are still working on the definition for the 5000 sq. ft. rule. 

Mansion, Exit, Super Gain taxes introduced

A new Mansion tax has been introduced by the Government, Ravi Karunanayaka said a short while ago. Mansion valued at over Rs.100 million or comprising over 5,000 square feet will be taxed Rs.1 million per house.

All Sri Lankans who migrate to another country will be liable for a 20% exit tax, Karunanayaka added. He also added that a super gain tax of 25% will be applicable for organizations that record a profit of over Rs. 2000 million.

More>>

(Source: Ada Derana)

Bribery case against Hyatt Regency project

Deputy Minister of Policy Planning and Economic Development Dr. Harsha De Silva yesterday lodged a complaint with the Commission to Investigate Allegations of Bribery or Corruption with regard to the Hyatt Regency Hotel Project in Kollupitiya claiming there had been multiple corrupt deals with regard to the transactions involved in the project.


Dr. De Silva who came out with the deals one by one said the project which belonged to Ceylinco Shriram earlier had been sold to Sino Lanka Hotels and Spa Ltd for Rs. 350 million by the committee appointed to provide redress to the Ceylinco depositors though there was another bid for Rs 7.5 billion. 

More>>

(Source: Daily Mirror)

Man who used forged property records in real-estate fraud arrested

The Criminal Investigations Department (CID) has arrested an individual allegedly responsible for cheating millions from unsuspecting victims by forging deeds and selling properties in various parts of the country.

Police spokesman SSP Ajith Rohana said that the arrested suspect had obtained citizenship in Norway.

The suspect had forged records and sold properties in various parts of the country which he had no ownership of.

The police spokesman requested victims of the real-estate fraud suspect to notify the CID immediately regarding their dealings with him.  

More>>

(Source: Ada Derana)

“Our plans are still on,” says Krrish official at the office reception

Officials at the controversial Krrish project in Fort, which is yet to receive the full payment for it to get off the ground, say their project is still on.
The project has been suspended for many years as a final payment amounting to 10 per cent of the full lease and interest payments thereafter for payment delays.

With the entry of a new government and speculation about the future of this project which drew allegations of corruption by certain government officials, a charge strongly denied by the company, this reporter visited the Krrish office on Level 35, West Tower World Trade Centre Echelon Square in Colombo on Thursday.

More>>

(Source: Sunday Times)