The International Monetary Fund has proposed introducing an imputed rental income tax on occupied and vacant residential properties from 01 April 2025. Accordingly, the fund states that it has been proposed to introduce this as a measure to increase the government revenue of Sri Lanka.
The report states that it is essential to introduce such a tax to increase the government’s income and Sri Lanka aims to implement this tax system by the year 2026 fully.
The International Monetary Fund states that an imputed rental income tax is an estimate of the income that a homeowner would receive if he or she were to rent out his or her home.
The International Monetary Fund has taken steps to introduce a new imputed rental income tax due to the delay in the implementation of the estate tax and gift and inheritance tax system that was prepared to be introduced by the International Monetary Fund earlier due to various constitutional restrictions.
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