Friday, 30 October 2015 - 19:30
The mansion tax is now in force
Speaker Karu Jayasuriya has put his signature to six legislations today.
They were passed by parliament on October 20th.
Among the legislations signed by Speaker are: the Inland Revenue Amendment Act, the Nation Building Levy Amendment Act and the Betting and Gambling Tax Amendment Act.
The Speaker’s Office stated today, besides the above Acts, the Speaker singed to the Economic Services Fee Amendment Act, the Value Added Tax Amendment Act and another Finance Act.
It is stated that the Mansion Tax which was introduced in the Interim Budget of the 100 day Government is included in the newly passed Finance Act.
A Mansion tax of one million rupees would be charged from the owners of luxury residences which are valued above 150 million rupees or in the size of over 10 thousand square feet.
This annual tax is applicable to the mansions which have been built after April 1st of year 2000.
The government earlier announced that this tax could be paid in four installments.
These six Acts could be considered the first legislation to be passed by the 8th parliament of Sri Lanka.