President Ranil Wickremesinghe says the first property will be exempted from taxation under the imputed rental income tax.
The proposed tax is intended to focus on high-net-worth individuals and not the average income earners, he said.
Wickremesinghe was delivering a special statement in parliament today (18).
Harsha disputes it
Disputing the president, SJB MP Dr. Harsha de Silva said that taxes are to be imposed even on first properties according to IMF conditions.
He told the House that he would be delighted if the president decides to scrap it altogether.
However, minister Bandula Gunawardena has emphasised that conditions of the IMF agreement are unchangeable, he said.
This unfair taxation system would be amended under the new government which will come into power in the next four months, added the MP.
