Sri Lanka is expected to introduce a property tax and a gift and inheritance tax by the beginning of 2025, under the International Monetary Fund programme.
“In particular, we will introduce a nationwide real property tax and adjust the system of transfers between the central and provincial governments.
We will also introduce a gift and inheritance tax with a tax-free allowance and minimal exemptions,” the IMF programme documents made public this week said.
The preparatory work for these tax reforms will commence by mid-2023, supported by the IMF technical assistance.
Sri Lanka is expected to achieve a primary fiscal surplus of 2.3 percent of GDP by 2025.
Also, Sri Lanka needs to raise the tax-to-GDP ratio to least 14 percent by 2026 by implementing a sequenced package of tax measures.
Jude Thursday, 23 March 2023 08:43 AM
People get ready for barrage of Taxes!! You're gonna pay taxes for breathing, yeah
D Perera Thursday, 23 March 2023 08:46 AM
Sri Lanka is one of the countries without property taxes. It's hard to say how the public will take this new tax initiative . It's going to be another huge burden to the property owners for sure. And this not be an easy task for the government.
Jude Thursday, 23 March 2023 08:54 AM
Any future government don't have to payback IMF loan coz it's been entered with a leader who's party hold only a single seat in the parliament And the president leading the country without any mandate!! Moreover, he's unelected and he's occupying the highest office in an undemocratic way !!!
Jude Thursday, 23 March 2023 08:56 AM
With the More loans loans loans Now comes the Taxes taxes More taxes, yeah!!
V Thursday, 23 March 2023 10:04 AM
Never heard of the methods of reducing unnecessary government expenditure
Chumley Pinto Thursday, 23 March 2023 07:16 PM
Wealth property, and inheritance taxes are there in most all developed countries including USA the biggest capitalistic country. How come they are not there in srilanka?. It the rich getting richer at the expense of poor. I for one will have to pay heavily but it is the right thing to do and I accept it. The recipient has not earned it but getting ininheritances because of his luck of being born to rich parents.
Shera Thursday, 23 March 2023 09:53 PM
Everyone pays property taxes in the developed countries. It is what helps the country to fund it's development and resources. If you migrate you would be paying property and inheritance taxes. So why not do it in Sri Lanka if it will help the country to be like the developed countries that all Lankans clamor to go to?
Priyanthi Rajapakse Friday, 24 March 2023 10:49 AM
There is no such thing as a free lunch ! Sri Lankans who live abroad pays taxes to those countries with out any fuss.. Why do everyone start complaining as soon as Sri Lankan government stars to do that. It is for the good of the country so stop complaining. Take away the free higher education while you are at it. It is unnecessary an a huge burden on the countries coffers.
What about a Dowry Tax. Friday, 24 March 2023 12:13 PM
What about a Dowry Tax.
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