The government has not yet finalized the legal framework for the proposed wealth and property tax, scheduled to be implemented from 2025.
According to Finance Ministry Tax Policy Advisor Thanuja Perera, the rationale behind the wealth tax lies in the accumulation of wealth, particularly through property, in countries like Sri Lanka. The aim is to target high earners through property and wealth taxes, ensuring that accumulated wealth is duly taxed.
However, the specifics of the legal framework for taxation remain to be finalized. This proposed tax scheme is a key component of the International Monetary Fund Extended Fund Facility programme, representing a structured benchmark for fiscal reform.
