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Sri Lanka ‘mansion tax’ to be paid quarterly

COLOMBO (EconomyNext) – A one million rupee ‘mansion tax’ to be collected from owners of large houses will have to be paid in four instalments, under proposed changes to the country’s tax laws.

Residential houses built after April 01, 2000 will be charged the tax by the local authorities. They will have to be bigger than 10,000 square feet and valued at over 150 million rupees by the government valuer, according proposals giving effect to a revised budget in January 2015.

The tax instalments are due on July 15 in the year of assessment followed by, October 15, January 15 and April 15.

Correction – Construction date April 01, 2000.