Cabinet Approves Reintroduction Of Capital Gains Tax

Thursday, 16 June 2016 - 15:51


Cabinet of Ministers has granted approval for the government to reintroduce the Capital Gains Tax (CGT) scheme.

Announcing the cabinet decisions Wednesday (June 15), the government said during the last few decades there has been a massive increase in the private capital in the country.

According to the government, the increase in prices of land attributable to the large infrastructure developments carried out through government funds have enabled the land owners to make significant capital gains free of taxation. This resulted in the increase in the inequality of income distribution.

 The Cabinet Committee on Economic Management therefore has agreed to reintroduce the Capital Gains Tax to rectify the situation.

The proposal made by Prime Minister Ranil Wickremesinghe as the Chairman of the Cabinet Committee on Economic Affairs to draft a new Capital Gains Tax Regime, was approved by the Cabinet of Ministers.

Revelations made regarding an Indo- Sri Lanka human trafficking racket
Monday, 24 February 2020 - 7:47

Information has come to light regarding an organized human smuggling ring,  where Sri Lankan women are being smuggled to work for massage centers... Read More

Entering elections to save the country from haters; A statement from the prime minister
Monday, 24 February 2020 - 7:45

Prime Minister Mahinda Rajapaksa said that he was going for the election to protect the country from those endowed with hatred.   The Prime... Read More

UN Human Rights commission session commences today
Monday, 24 February 2020 - 7:44

Ahead of the upcoming 43rd Session of the Human Rights Council scheduled to commence today, Foreign Secretary Ravinatha Aryasinha briefed the President... Read More