The Sri Lankan government has amended the tax regulations to enable the ‘Mansion Tax’ introduced by the interim budget to be paid in four installments.

According to the amendments, the government has stated that an annual ‘Mansion Tax’ would be imposed on houses valued at more than Rs. 150 million or of floor area of more than 10,000 square feet, constructed after 01 April 2000.

The interim budget stated that the government expects a revenue of Rs. 01 billion through this tax.