A land racketeer who sold property island wide under fake deeds arrested

The CID has uncovered a massive land and motor vehicle racket carried out under fake documents.

The mastermind behind the racket has been identified as Vidura Saman Gunarathne of Subhadrarama Mawatha in Gangodawila.

Police Media Spokesman ASP Ruwan Gunasekera said that after lengthy investigations, the CID was able to arrest 5 suspects including the mastermind of the racket.

More>>

(Source: Hiru News)

Why so many land sales Colombo in these days?

Sales and transfers of land are taking place in Colombo at a fast rate these days.

Between 200 and 250 new registrations a week are happening at the land registry office in Colombo, say sources there.

The owners of a majority of these plots of land are relatives of wealthy businessmen.

More>>

(Source: Sri Lanka Mirror)

Facilities to pay ‘Mansion Tax’ in installments

The Sri Lankan government has amended the tax regulations to enable the ‘Mansion Tax’ introduced by the interim budget to be paid in four installments.

According to the amendments, the government has stated that an annual ‘Mansion Tax’ would be imposed on houses valued at more than Rs. 150 million or of floor area of more than 10,000 square feet, constructed after 01 April 2000.

More>>

(Source: Ada Derana)

Sinolanka deal of Celestial Residencies opens can of worms

The deal involving the takeover of ownership of Celestial Residencies, one of the valuable and iconic properties of the failed Ceylinco Group, three years ago from the then government by Sinolanka Hotels and Spa (Pvt) Ltd has opened a can of worms, following a complaint lodged by Deputy Minister of Planning and Economic Affairs Harsha de Silva at the Bribery or Corruption Investigation Commission this week.

Dr.de Silva in his complaint made a request from the Bribery Commission to investigate the corrupt incident of the previous government taking over the massive 47 story building being constructed opposite Temple Trees from the collapsed Ceylinco Group and selling it to Sino Lanka for a bid of Rs. 375 million while Ceylinco Shriram, another failed entity of Ceylinco, had already received a bid for Rs. 7.5 billion.

More>>

(Source: Sunday Times)

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.

More>>

(Source: Sunday Times)

'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)