Presenting the interim budget, Finance Minister Ravi Karunanayake said that the Rs.1 million annual levy will be charged from owners of all residences valued over Rs.100 million or spanning over 5,000 square feet.

This is to be imposed in addition to already existing local authority rates and taxes.

However, the ‘Mansion Tax’ raised much criticism, and considering this, the government is mulling over to impose the tax from owners of all residences spanning over 10,000 square feet.