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President promises wealth tax exemption for one house per owner

Published

2 years ago

2024/06/19

By Saman Indrajith

President Ranil Wickremesinghe told Parliament yesterday that the government would exempt one house per owner from the proposed wealth tax outlined in an International Monetary Fund programme.

The President said that the tax would be imposed on high-net-worth individuals and not on average-income earners.

As such about 90 percent of the people’s houses were likely to be exempted from the proposed tax, he said. “One house will be exempted from this. It is going to have a very high threshold and I do not think the vast majority of the people in this country should even be worried about their house. Don’t worry your house will be safe,” he said.

The President assured that the first property would be exempted from taxation, while also noting that it is intended to focus on high-net-worth individuals and not average-income earners.

The President said that initially a wealth tax was to be

introduced, based on the rating system. However, the government had come across an issue as the rates were handled by Provincial Councils.

“As the government must receive the money, the government has introduced a new formula called the Rental Income. Under this, income tax belongs to the central government and not the Provincial Councils,” the President said.

President Wickremesinghe reiterated that as it would have a high threshold, a vast majority of the country need not be worried about the tax.

SJB Colombo District MP Dr. Harsha de Silva, however, said that the taxes were to be imposed even on first properties, according to IMF conditions, despite what the President stated.

Dr. de Silva said that he would be delighted if the President would decide to scrap it.

MP de Silva noted that this unfair taxation system would be amended under the new government which would come into power in the next four months.

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Members of Sri Lanka Cricket Transformation Committee Officially Appointed

Published

11 mins ago

2026/05/5

Priyan

The official appointment letters for the members of the newly established “Cricket Transformation Committee” (CTC) were handed over on Monday (04) by the Minister of Youth Affairs and Sports, Sunil Kumara Gamage.

The following members received their letters of appointment at the Ministry premises:

Sidath Wettimuny
Thushira Radella
Prakash Schaffter
Ms. Avanthi Colombage

The Ministry also noted that veteran cricketers Roshan Mahanama and Kumar Sangakkara, who are key members of the committee, are currently overseas. Their official appointments will be formalised immediately upon their arrival in Sri Lanka.

The Cricket Transformation Committee has been mandated to oversee the administration and drive structural reforms within Sri Lanka Cricket (SLC) in accordance with the powers vested in the Minister under the Sports Act No. 25 of 1973.

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Three prison guards arrested following the death of an inmate

Published

52 mins ago

2026/05/5

Priyan

(File pic)

Three prison guards attached to the Welikada Prison have been arrested by Borella Police following the death of an inmate on Monday (04).

News

CJ urged to inquire into AKD’s remarks on May 25 court verdict

Published

5 hours ago

2026/05/5

Sahan Weerasooriya

CJ Surasena

‘Bar Association must reveal its stand’

Civil society group ‘Free Lawyers’ has requested Chief Justice Preethi Padman Surasena to probe whether political pressure was brought on a Magistrate, or a High Court Judge, in respect of an ongoing high profile case.

Speaking to The Island on behalf of ‘Free Lawyers,’ Rajith Keerthi Tennakoon said that they felt the urgent need to seek the CJ’s intervention, following the May Day declaration by President Anura Kumara Dissanayake that the verdict of a case that was heard on 30 April would be given on 25 May. Tennakoon said that addressing the NPP’s main May Day rally at Maharagama, the President asked the people to be ready to celebrate that verdict. The President couldn’t have said so if he hadn’t been aware of the impending verdict, Tennakoon said, while emphasising the responsibility on the part of the Bar Association to state its position on the issue.

‘Free Lawyers’ recently captured pubic attention following its exposure of the theft of USD 2.5 mn from the Treasury.

Responding to a query, Tennakoon said that on behalf of ‘Free Lawyers,’ Maithri Gunaratne, PC, on Monday, 4 April, wrote to both CJ Surasena and President of the Bar Association Rajeev Amarasuriya.

Alleging that President Dissanayake’s declaration caused immense harm to the independence of the judiciary and raised controversy over the judgement that would be given on 25 May, ‘Free Lawyers’ organisation also asked the CJ to inquire into whether the entire judicial process was under political pressure.

Tennakoon said that they expect the Bar Association to reveal its position on President Dissanayake’s statement. Tennakoon pointed out that during the May Day address, President Dissanayake made reference to 15 cases that were to be taken up during this month, whereas Transport, Highways and Urban Development Minister, as well as Leader of the House Bimal Rathnayake, mentioned nearly 10 names of politicians, both sitting and former lawmakers, to be summoned beginning, May.

Tennakoon said that the NPP appeared to have used May Day to counter growing accusations over the Colombo port container controversy, coal scam, Rs 13.2 bn NDB fraud and theft of USD 2.5 mn from the Treasury and USD 625,000 from the Sri Lanka Postal Service.

By Shamindra Ferdinando