Tax free land to China

by admin
Feb 2, 2013
The Sri Lankan President Mahinda Rajapaksa, who also acts as the Minister of Finance and Planning, has commissioned the sale of tax free land in the Southern capital Colombo to the Chinese embassy, reported the Sunday Times.

Any transfer of property ownership to foreign citizens, under usual provisions of the Finance Act, should be taxed according to the value of the property transferred.

However, using his overarching power as President and Finance Minister, Rajapaksa offered the Chinese embassy exemption from such charges.

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