Sri Lanka to Give Tax Breaks to Apartments!

High income earnings professionals who combine in small groups to build housing complexes for themselves will be given a 50,000 tax deduction a month for mortgage payments, the budget for 2014 said.

It will apply to doctors, lawyers, engineers, architects and business executives. Profit tax on banking and financial institutions which provide facilities will be given a half tax holiday.

Stamp duty for the purchase of land for such a housing complexes will be reduced by 25 percent.