The budget proposal for 2024 is ready to introduce wealth tax or inheritance tax. Sri Lanka Latest News
The purpose of this new tax is to assess the amount of assets owned by a person and levy taxes accordingly.
This tax includes the full value of personal assets including cash, bank deposits, immovable property, insurance, pensions, business ownership and financial securities.
Currently, the discussion is to implement this proposal in the coming year due to the decrease in government tax revenue.
However, it is currently proposed to levy these taxes on other additional assets earned by a person apart from the basic assets such as a house, a vehicle, a small plot of land etc.
