The International Monetary Fund has revealed in its latest staff report that Sri Lanka plans to introduce a property tax from 2027. According to the report, the island-wide property tax system is scheduled to be introduced during the first quarter of 2027.
The steps taken to develop the data infrastructure required to impose the new property tax are stated in the latest staff report of the International Monetary Fund. According to the report, a comprehensive digital database is to be created for property valuation.
The relevant database is the basic basis for property valuation and tax liability calculation. As the first phase of the process, past valuation records held by the government’s valuation department will be digitized. Under this, valuation records related to municipal councils will be covered first.
The digitization is expected to be completed by the end of this year.