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
Chairman of Sri Lanka Broadcasting Corporation proposes moves to streamline the national radio
-- [16 minutes ago]
Coalition parties of Sri Lankan government raise concerns over ruling alliance's path
-- [52 minutes ago]
Korean language proficiency test for Sri Lankan applicants in October
-- [1 hour and 23 minutes ago]
Sri Lanka Election Commissioner bans Muslim women wearing burqa or niqab when voting
-- [1 hour and 56 minutes ago]
Sri Lanka President names a road in honor of the artist slain by the Marxists party
-- [2 hours ago]
U.S. actions seriously hampering reconciliation efforts in Sri Lanka, government charges
-- [2 hours ago]
Sri Lanka inflation rises to 3.6 percent in July2014
-- [4 hours ago]
Sri Lanka, Singapore bilateral discussions focus on expanding economic and defense relations
-- [9 hours ago]
Sri Lanka plans to release Indian fishermen before their planned invasion
Committee appointed to draft amendments to Constitution to abolish executive Presidency in Sri Lanka

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.