The new government has proposed a 25 per cent Super Gains tax on institutions which have gained a profit of over Rs. 02 billion during 2013 to 2014.

While presenting the new government’s interim budget, Finance Minister Ravi Karunanayake said only around 35 or 40 companies have to pay this particular tax and around Rs. 50 billion could be gained through this.

This tax is being imposed on companies since the profits gained by these companies are being considered as capital of other companies, said the Finance Minister.

This is a one-off tax.

Meanwhile, the government has imposed another tax as a Mansion Tax. Through this, an annual tax would be imposed on houses over the value of Rs. 100 million or 5,000 square feet. The government expects to gain around Rs 01 billion through this tax.