Finance Minister Ravi Karunanayaka has reintroduced the Finance Act (Amendment) Bill which seeks to impose the Mansion Tax and Migration Tax and the Super Gains Tax on a company or individual whose profit before tax exceeds Rs. 2,000 million.
This and six other bills aimed at raising state revenue were presented to Parliament by the Finance Minister this week amid opposition protests.
This and six other bills aimed at raising state revenue were presented to Parliament by the Finance Minister this week amid opposition protests.
The Mansion tax will be imposed on every owner of a mansion constructed on or after April 1, 2000, at the rate of Rs 1 million per year, in addition to the rates and taxes charged and levied by any local authority, and shall be paid in four equal installments.
A Mansion has been described as “any building constructed on or after April 1, 2000, for residential purposes, of which the floor area is not less than 10,000 square feet as per the building plan approved by the local authority of the local authority area wherein such building is situated, or the value of such building, as at the first day of April of any relevant year, is not less than Rs 150 million, as determined by the Government Chief Valuer, or by an officer authorized by him, after making any adjustment as may be prescribed, and in the case of a condominium property , a condominium unit of such property shall be deemed to be a building for the purposes of part.
(Source: Sunday Times)
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