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
U.S. Embassy organizes public lecture on Right to Information
-- [13 minutes ago]
Sri Lanka Central Bank to issue Rs. 24 billion Treasury Bills on 9th
-- [9 hours ago]
China to build a hospital in Polonnaruwa for Sri Lanka's kidney patients
Hundreds protest against using Sri Lanka's idling Mattala airport for paddy storage
EU committed to support healthy democracy in Sri Lanka - EUEOM
Sri Lankan national dies in Chennai police custody
Sri Lanka's Interblocks and Sweden's West International launch strategic partnership
Sri Lanka, UAE explore ways to strengthen trade and investment ties
Sri Lanka's President urges new cabinet ministers to work in unison
Sri Lanka's new cabinet ministers

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.