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
War Heroes Commemoration Month declared open in Sri Lanka
-- [7 hours ago]
US company to recruit 3,000 Sri Lankan nurses
-- [7 hours ago]
Narahenpita Police OIC arrested for concealing evidence in rugby player's death further remanded
-- [8 hours ago]
CSE and CFA Society Sri Lanka ring opening bell in support of 'Putting Investors First Month' campaign
-- [9 hours ago]
Sri Lankan President advises officials to take decisions fearlessly to protect environment
-- [9 hours ago]
Sri Lanka Navy arrests five Indians smuggling Ganja in to the island through sea
Sri Jayewardenepura University and Lipton to uplift productivity of Sri Lankan tea lands
World Export Development Forum accentuates Sri Lanka's role as a regional hub for international trade
Malaysia explores the possibility of a FTA with Sri Lanka
Sri Lanka parliament suspends Deputy Minister and MP for a week over the brawl

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.