A Sri Lankan lands ministry official has indicated that President Chandrika Kumaratunga's government is preparing to reinstate a punitive land tax for foreign property investors, it has emerged.
According to W. Jayatilleke, the secretary for Lands Minister Anura Kumara Dissanayake, foreign investors purchasing land in Sri Lanka will have to pay tax at a rate of 100% under the new rules, which could take effect one to two months following finance ministry approval, Dow Jones Newswires reported.
The tax was initially repealed by the previous government led by the former Prime Minister Ranil Wickremesinghe in a bid to attract more investment from overseas. However, reports have suggested that the current Lands Minster feels property was sold off to foreigners too cheaply.
President Chandrika Kumaratunga's United People's Freedom Alliance won elections on April 2, although the party failed to win an absolute majority, falling eight seats short in the 225 seat house.
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