The government is set to implement a new property tax starting from 2025, State Minister of Finance Ranjith Siyambalapitiya disclosed.
This decision has come as a result of recommendations put forth by the International Monetary Fund (IMF), according to the state minister.
"The new tax will primarily target individuals possessing substantial property assets. These individuals will be required to pay a tax based on the value of their properties," he underscored.
"The motive behind this move is to address income inequality and finance development projects across the nation," he added.
It is worth noting that the IMF, a key international financial organization, provided recommendations that pushed Sri Lanka towards crucial decisions including this tax imposition.