Capital Gains Tax in Sri Lanka: Impact on Property Investments What is Capital Gains Tax? The Capital Gains Tax (CGT) is a tax on the profit from the sale of property or investment assets, recently re-introduced in Sri Lanka under the Inland Revenue Act, No. 24 of 2017. Effective from April 1, 2018, this tax is set at 10% of the profit. It takes into account the costs incurred in buying, improving, and...
Imagine overlooking the crashing beach waves and feeling the cool ocean breeze stroking your cheeks as you sip on a cup of tea from the balcony of your 25th floor apartment. What a view, right? That is exactly the kind of modern island living that Sri Lanka welcomes you to. At the center of frequently used trade routes to the global market, Sri Lanka is an island rich with many natural resources...
From vertical living to multi-storied houses and ancestral homes in the countryside, housing has evolved throughout the years in different ways in different countries. The industrialized nations are branching out their vertical living styles to higher stories, while in the developing world housing is growing larger in width. In Sri Lanka, high-rise buildings or condominiums are increasing...
A combination of low interest rates and the launch of real estate-focused financial products is leading a trend towards investing in apartments, according to John Keells Holdings Vice President, Head of Sales and Marketing (Property Group), Nadeem Shums. Sri Lanka’s financial sector has reached a phase of low interest rates - for fixed income products and housing loans. Together with strong...
The slowdown in property price gains in Sri Lanka’s capital Colombo (disinflation) had ended with a near double digit annual gain, according to an index compiled by the country’s Central Bank. Land, residential and commercial property prices inflated a little under 20 percent in 2018 amid a strong economy recovery where pro-cyclical liquidity injections to target an output gap triggered a currency...
“Sri Lanka’s real estate industry is the frontier that will uplift and elevate the nation, on a global scale,” says a hopeful (Eng.) Ranjith Gunatilleke – the current President of the Chamber of Construction Industries of Sri Lanka, a Chartered Engineer and an entrepreneur in the construction industry. Eng. Gunatilleke entered the real estate and construction industry in 1976 serving as a Civil...
Port City Colombo, Sri Lanka’s brand-new reclaimed land, slated as the “Gateway to South Asia”, now officially becomes the country’s first service oriented Special Economic Zone (SEZ). The Sri Lankan Parliament, adopted a powerful Bill enabling a giant step in Port City Colombo becoming a pivotal global financial and services hub for South Asia. The act provides a stable policy environment;...
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