State Minister of Finance Ranjith Siyambalapitiya has clarified that the proposed imputed rental income tax will only be implemented after the first quarter of 2025.
Speaking to the media, Siyambalapitiya emphasized that 90% of the country’s population will benefit from this tax. “This is not a tax that will be implemented this year. It is expected to be introduced after the first quarter of 2025. The wealthiest segment of our society, which is about 10% of the population, will be subjected to this tax. 90% of the population will benefit through this tax,” he stated.
Siyambalapitiya further explained that this tax would enable a reduction in the indirect taxes currently paid by the majority of the public. “Even within the wealthiest 10%, their primary asset will not be taxed. Only a small percentage of their other assets will contribute to state income. We will ensure that the tax is affordable for them and beneficial in the long run,” he noted.
He also stressed that this is not an indirect tax and will not be passed on to the lower-income class. “The responsibility for this tax lies solely with the payer. Therefore, it is incorrect to suggest that it will eventually burden the lower-income population,” Siyambalapitiya emphasized.
Source – adaderana.lk
