Sri Lanka’s Finance minister announced some features of the new Inland Revenue Act which include income tax exemptions for IT exports, waste management, entrepôt trade and other sectors while imposing capital gains on real estate. He said that an earlier government initiated 10 percent tax on capital gains through equity trading, would be dropped. “Capital gains on land and houses acquired within a period of 10 years will attract a 10 percent tax and lands sold after ten years will not be taxed,” Ravi Karunanayake, Finance minister told reporters on Sunday.

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