Sri Lanka will charge a 10 percent capital gains tax on immovable property, Finance Minister Ravi Karunanayake said, in a budget for 2017.
Details were unavailable, but earlier reports suggested that property bought and sold before the expiry of 10 years would be subjected to the tax.
(Source: Economy Next)
The notification was published under section 11 in the September 02 government gazette notification and the Amendment Act has been named as the Bill Amendment Restrictions Act, No. 38 of 2014.
The Amendment bill has proposed the abolition of the land tax from January 01, 2016.
According to the land tax that was effective from January 01, 2013, if land is being to a foreigner or a company where foreign shares are over 50%, of the tax payable, 15% is charged as a land tax.
Source: Sri Lanka Mirror