Sri Lanka to exempt one house from imputed rent wealth tax: President

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President Ranil Wickremesinghe said that one house would be exempt from a proposed wealth tax under an International Monetary Fund program.

He assured the public that about 90 percent of people’s houses would likely be exempt due to a very high threshold. The President emphasized in parliament that the vast majority of citizens need not worry about their houses being taxed, reassuring them that their homes would be safe.

Critics of the proposed tax argue that taxing houses and savings could negatively impact people’s well-being, housing stock, and their desire to stay in the country rather than emigrate. However, it’s important to note that while President Wickremesinghe confirmed the exemption of one house from the tax, the IMF program document itself did not explicitly mention this exemption but did reference a threshold.

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