Economic analysts point out that the prices of several goods and services will soar up due to the re-introduction of capital gain tax and the increase of value added tax.
However a spokesman from the Inland Revenue Department stated that the percentage of new tax and the goods and services relating to the new tax increase have not been published by a gazette.
It was also revealed in parliament that the tax increases will not be applied to essential goods.
As the capital gain tax is introduced, a levy will be charged, based on the profit made from the sale of lands and buildings.
A Colombo stock market spokesman stated that this new levy will be applied to transaction of stocks as well.
Soon after the new tax is introduced, the indices of the Colombo Stock Market reported a two year low yesterday.