Lankapage Logo Recent Top Stories
CP 12 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka imposes taxes on leases of land to non-citizens
Fri, Feb 11, 2011, 01:43 pm SL Time, ColomboPage News Desk, Sri Lanka.

Feb 11, Colombo: The Sri Lankan government has decided to impose a transfer tax on leases of land to non-citizens.

The Cabinet has approved a proposal made by the President in his capacity as the Finance Minister to amend the Finance Act No 11 of 1963 to make leases to non-citizens to be liable for the payment of transfer tax.

The measure was taken to prevent the non-citizens from circumventing the payment of the transfer tax by entering into long-term lease arrangements with the local land owners.

The present legal provisions warrant the levy of a tax equivalent to the value of the related property, when a property is transferred to a non-citizen, but, according to the government foreigners avoid paying the tax by leasing the land for a long term from the owners.

The government says it loses the revenue and also the foreigners get long term possession of valuable land at a minimal value.



ColomboPage - Recent 10 Stories
Sri Lanka state bus service receives record income during private bus strike
-- [26 minutes ago]
Government mulls establishing an authority to regulate three-wheel transport
-- [47 minutes ago]
PM explains phone call to IGP from Minister
Sri Lanka calls on Possessor States to expedite destroying their chemical weapons stockpiles
Korea Exim Bank to strengthen the connectivity of traffic network in Kandy
Sri Lankan government vows to take strict legal action against those who damage public property
Sri Lanka's private bus operators call off strike
Sri Lankan President promises to prepare a National Education Policy for the disabled children
Vista Rooms simplifies corporate travel bookings and cuts travel costs by up to 20%
President appoints a special committee to look into bus operators' issues

Copyright © 2000, 2010 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.