Government to increase property taxes next year
- Tuesday, 17 December 2013
The government is trying to increase property taxes from next year by placing a Capital Value on properties in the country instead of the present valuation system and it will apply to properties located in Municipal, Urban Council and Pradeshiya Sabha areas.
Local Government and Provincial Councils Minister A.L.M. Athaullah has reportedly sought the approval of Cabinet to introduce a special provisions law to change the Municipal Council, Urban Council and Pradeshiya Sabha Acts to implement the new system of levy. Amendments will also be made to the Rates and Valuation Ordinance.
Athaullah has been quoted in the local media as having said that a majority of local councils “have demanded for a new user friendly system of valuation.”
Assessment rates at present are collected by local authorities based on the “annual value” of properties.
CMC lose millions from Colombo Night Races
- Tuesday, 17 December 2013
The Colombo Night Races held during the weekend has caused losses amounting to millions of rupees to the Colombo Municipal Council (CMC).
CMC officials have said that President Mahinda Rajapaksa’s sons, who are the organisers of the races, were offered tax relief on a directive from Western Province Chief Minister Prasanna Ranatunga.
Tax exemptions are usually given to events held to raise funds for charitable purposes, but the reason to exempt the Colombo Night Races from entertainment and other taxes is not known.
However, charity purposes or otherwise, the Chief Minister has the mandate to waive taxes from an event.
The CMC lost millions of rupees in tax revenue from last year’s night races as well.
