The government plans to introduce a new property or wealth tax in 2025, State Minister of Finance Ranjith Siyambalapitiya said.
The State Minister revealed that the new property tax will be formulated in accordance with the recommendations of the International Monetary Fund (IMF).
The IMF is of the view that a property tax that has been proposed will be a key source of additional revenue for the government in the year 2025, he said.
State Minister Siyambalapitiya further said that the proposed new property tax will be introduced following a thorough analysis.
The new property tax is being introduced with the aim of taxing persons owning a large number of properties.
Through this tax, the local government institutions will be strengthened and the common people will benefit from it, he added.
State Minister Ranjith Siyambalapitiya made the remarks while addressing the media in Ruwanwella on Sunday (Oct 29). (NewsWire)