Connect with us

News

IMF proposes new imputed rental income tax for Sri Lanka

Published

on

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

Request to cancel Chamara Sampath’s bail, rejected

Published

on

By

The Colombo Chief Magistrate’s Court today (May 16) rejected a request by the  Commission to Investigate Allegations of Bribery or Corruption (CIABOC) to cancel the bail granted to Badulla District MP Chamara Sampath Dassanayake and remand him again over alleged financial misconduct during his tenure as a member of the Uva Provincial Council in 2016.

Chief Magistrate Thanuja Lakmali delivered the decision after considering arguments presented by both parties.

In a motion filed before the court, the CIABOC alleged that the MP had interfered with ongoing investigations through his wife by prompting former President Ranil Wickremesinghe to hold a press conference. 

During this briefing, Wickremesinghe reportedly made inaccurate statements related to the case, portraying the MP’s actions as permissible.
However, President’s Counsel Kalinga Indatissa, representing Dassanayake, denied any interference or misconduct, arguing there was no evidence of witness tampering. The Commission also acknowledged that the former President is not listed as a witness in the case.

MP Dassanayake was initially granted bail on April 08 over the same incident.

Related News :

Continue Reading

News

DMT stops issuing number plates over supply shortage

Published

on

By

The Department of Motor Traffic has notified owners of newly registered vehicles that the issuance of number plates has been temporarily suspended, effective April 28, due to a supply shortage.

In an official communication, the department acknowledged that although number plates are a mandatory component of vehicle registration, ongoing supply issues have made it impossible to fulfill this requirement at present.

As a result, both number plates and corresponding stickers for newly registered vehicles will not be issued until further notice.

The Department has assured vehicle owners that distribution will resume as soon as the supply is restored.

(dailynews.lk)

(Except for the headline, this story, originally published by dailynews.lk has not been edited by SLM staff)

Continue Reading

News

CIABOC refutes Ranil’s claim

Published

on

By

The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) today (May 16) informed the Colombo Chief Magistrate’s Court that a recent statement by former President Ranil Wickremesinghe regarding a treasury circular was factually inaccurate.

The Magistrate was also informed that the statement may have interfered with an ongoing bribery investigation involving Badulla District MP Chamara Sampath Dassanayake.

Wickremesinghe, speaking at a special media briefing, had stated that a circular issued in 2015 – during his tenure as Prime Minister – allowed provincial councils to withdraw fixed deposit funds prior to maturity.

However, the CIABOC has clarified that the circular in question was actually issued on November 22, 2016, whereas Dassanayake had withdrawn the funds much earlier, on February 29, 2016.

The Commission also disclosed that Mr. Wickremesinghe’s statement was made at the request of Dassanayake’s wife and that the accuracy of the circular’s date had not been verified before the public statement.

Dassanayake, who appeared in court today, is accused of causing a financial loss of over Rs. 17.6 million to the government by prematurely withdrawing fixed deposit funds belonging to the Uva Provincial Council during his time as Chief Minister.

Related News :

Continue Reading

Trending

Copyright © 2024 Sri Lanka Mirror. All Rights Reserved