A new property tax, slated to be implemented after the first quarter of 2025, will not impact 90% of the general population, according to Finance State Minister Ranjith Siyambalapitiya.
Speaking at a media briefing in Ruwanwella this morning, Siyambalapitiya assured that the tax will primarily target wealthier property owners.
The Minister highlighted that this type of tax is common in many countries and was previously introduced in Sri Lanka by former Finance Minister N.M. Perera.
He described the scheme as progressive, aiming to create a more equitable tax system.
By implementing this property tax, the government aims to reduce the reliance on indirect taxes that burden the general populace, ultimately providing financial relief to ordinary citizens.
