araucariaman Posted September 7, 2004 Share Posted September 7, 2004 I wonder if this could be introduced over here retrospectively? Sri Lanka's parliament has voted to reintroduce a 100% tax on land purchases by foreign nationals. The legislation was proposed by the Marxist JVP, which is a key component of the governing coalition. Proponents of the tax have argued that foreigners buying land, often for holiday homes, have priced Sri Lankan nationals out of the market. The previous government revoked the tax in 2002, saying land purchases by foreigners were boosting the economy. Many of the purchases have been of land along Sri Lanka's attractive southern coast. Proponents of the tax also say that some sites of historical interest have been sold. The tax would apply to foreign individuals but not to foreign-owned companies or joint ventures. Link to comment Share on other sites More sharing options...
access55 Posted September 7, 2004 Share Posted September 7, 2004 Does the 100% tax mean any forigner buying would have to pay the government the same as the seller or does it mean that the seller has to give all the proceeds to the government? Link to comment Share on other sites More sharing options...
ans Posted September 7, 2004 Share Posted September 7, 2004 Original story http://news.bbc.co.uk/1/hi/business/3634786.stm Link to comment Share on other sites More sharing options...
access55 Posted September 7, 2004 Share Posted September 7, 2004 Does the 100% tax mean any forigner buying would have to pay the government the same as the seller or does it mean that the seller has to give all the proceeds to the government? Link to comment Share on other sites More sharing options...
Alex Posted September 7, 2004 Share Posted September 7, 2004 the foreign buyer would have to give the gov the same as they pay the seller I imagine. Can't imagine anyone could afford to do that here. Typical that it only applies to individuals and not companies. Link to comment Share on other sites More sharing options...
The Old Git Posted September 7, 2004 Share Posted September 7, 2004 I wonder if this could be introduced over here retrospectively? No, you couldn't introduce a new tax and then apply it to all previous land sales to foreigners The tax would apply to foreign individuals but not to foreign-owned companies or joint ventures. Sounds like it would be fairly easy to get around then, there's plenty of company formation people over here. Link to comment Share on other sites More sharing options...
Cret Posted September 7, 2004 Share Posted September 7, 2004 I like the sound of it. They could then use the entire proceeds of the tax to subsidise struggling locals who want their own places and work hard but can't afford them! I wouldn't complain. Ah well, back to reality now. Link to comment Share on other sites More sharing options...
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