News

IMF proposes new imputed rental income tax for Sri Lanka

Published

1 year ago

June 16, 2024

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The International Monetary Fund (IMF) has proposed the introduction of an imputed rental income tax on owner-occupied and vacant residential properties in Sri Lanka, to be implemented by April 1, 2025.

This recommendation comes as part of the IMF’s latest report on Sri Lanka, highlighting the need for sustained revenue mobilization efforts amid institutional challenges that hindered the initially planned property tax for 2025.

The IMF report emphasizes the importance of establishing a comprehensive property valuation database by August 2024, which will include assessed values, the latest assessment dates, and property types for all municipal councils.

This database is a crucial step towards the effective implementation of the new tax.

Additionally, the report calls for the full operationalization of a nationwide digital Sales Price and Rents Register (SPRR) by the end of March 2025.

This register will be accessible by the Inland Revenue Department (IRD), the valuation department, the land registry, and the public, serving as a key resource for assessing property values and the imputed rental income tax.

The IMF recognizes ongoing vulnerabilities and uncertainties in Sri Lanka, particularly concerning debt restructuring and the upcoming elections.

The IMF directors have urged Sri Lankan authorities to continue strengthening macroeconomic policies to restore economic stability and debt sustainability while maintaining the momentum of reforms to promote long-term inclusive growth.

In support of Sri Lanka’s economic policies and reforms, the IMF Executive Board has completed the 2024 Article IV Consultation and Second Review under the 48-month Extended Fund Facility.

This completion provides Sri Lanka with immediate access to SDR 254 million (approximately USD 336 million).

Moreover, the IMF has highlighted the importance of enacting the Asset Recovery Bill, following necessary public consultations, by November 2024. This bill is expected to play a significant role in enhancing fiscal responsibility and transparency within the country.

News

Rajitha & Wimal fail to appear before CIABOC

Published

1 minute ago

July 3, 2025

editor

Former Minister of Fisheries and Aquatic Resources Development – Rajitha Senaratne has not appeared before the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) yesterday (July 02), citing ill health.

He faces charges of causing a financial loss to the government by allegedly awarding a sand mining project at the Kirinda Fisheries Harbour to a Korean company, bypassing government procurement procedures.

The CIABOC’s Special Investigations Chief Inspector had formally summoned Senaratne to provide a statement at 9.00 am yesterday, but one of his lawyers submitted a letter claiming Senaratne was unwell and therefore unable to attend.

Meanwhile, former Minister of Construction and Housing – Wimal Weerawansa was also summoned to give a statement regarding investigations into the sale of certain shops during his tenure.

He too has requested a new date, stating that he is unable to appear on the scheduled day.

(Source: Dinamina)

News

Court summons ex-AGM of People’s bank over major fraud

Published

1 hour ago

July 3, 2025

editor

The Attorney General has filed a case against one Vithanage Don Dayananda, a former Assistant General Manager (AGM) at People’s Bank head office, for allegedly preparing and using a forged document related to a Rs.2,000 million personal guarantee bond.

Colombo High Court Judge Lanka Jayaratne has fixed the case (HC 39/2019) for trial on October 30. When the case was called on July 01, the accused had appeared in court.

It is alleged that around June 01, 2006, in Colombo, the accused knowingly prepared a forged document purporting to show that a personal guarantee bond, allegedly signed and dated July 27, 1995, by directors of Yashoda Holdings (Pvt) Ltd.had been submitted to the bank’s head office.

Despite being well aware that the document was a forged one, he had allegedly presented it as genuine evidence during the Commercial High Court Case No. 122/2004.

Therefore, the Attorney General has charged him under Section 459 of the Penal Code.

Related News :

Court orders CID to probe Rs.90 mn. fraud at People’s Bank

News

2nd round of Grade 06 admission appeals open online today

Published

2 hours ago

July 3, 2025

editor

The Ministry of Education has announced that online appeals for the second round of Grade 06 admissions in 2025, based on the 2024 Grade 05 Scholarship Examination results, can be submitted from today (July 03) until July 17.

Parents or guardians can submit appeals for up to three schools by visiting the official website of the Ministry of Education at www.moe.gov.lk or directly via the extension at g6application.moe.gov.lk.