According to him, the capital expenditure of condominiums construction has gone up by one-fifth with these taxes.
Noting that the construction industry accounted for one-third of the 58 pc contribution by the services sector to the 3.1 pc economic growth rate last year, he said such tax introductions were only taking the country backwards.
Ranawaka asked as to why foreign investors would come to Sri Lanka when Arabian countries were offering citizenships and unrestricted bank account facilities for investors.
Rajapaksa regime attracted foreign investments
Whatever faults the Rajapaksa regime had, it was tactical enough to attract foreign investors to the county by way of giving free land for some projects and 25 years of VAT concessions, he went onto say.
Ranawaka also said the imposition of the state of emergency to curb the trouble in Kandy caused a big harm to the country.
He said around eight foreign diplomats met him and inquired if a military coup was going to happen.
Also, the facebook ban brought more shame to the country and prevented the inflow of foreign investment, said the minister.
Out attempts to obtain a response from economic affairs advisor to finance minister Deshal de Mel to these allegations failed, as he did not answer the phone.