Sri Lanka, July 8 -- The government has agreed to introduce a nationwide property tax in the first half of 2027, according to the latest staff report issued by the International Monetary Fund (IMF).
According to the undertaking given to the IMF, the government is continuing to build the data infrastructure to facilitate the introduction of the property tax.
The government is projected to collect Rs. 56 billion in 2027 through the property tax while the projected revenue through the property tax in 2028 is Rs. 122 billion.
The initiative forms part of the government's broader revenue mobilization strategy, and is expected to enhance tax equity and improve public sector financing.
In a letter of intent addressed to Kristalina Georgieva,...
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