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HomeTaxes and Fees

Taxes and Fees

Stamp Duty

dutiesDefinition

  • Stamp Duty is charged under section 37 of the Finance Statute of the Central Province No.17 of 1990.

There shall be charged on

  • Every instrument relating to a transfer of immovable property situated in the Central Province.  
  • Every document presented of filed, in proceedings instituted in any Court of law established by law, in the Central province of Sri Lanka.

Effect From

  • 1st January, 1991

Stamp duty Rates

01.

Exchange of any Property - not between co-heirs*

a. if equal value

The same duty as on a conveyance of such property at its market value

 

b. if not equal value

The same duty as on a conveyance of the property of higher value, computed at its market value thereof

 

Exchange of any Property -  between co-heirs*

a. if equal value

 

10.00

 

b. if not equal value

The same duty as the duty payable on the transfer of a property. Whose value is equivalent to the difference in market value of the properties exchanged.

02.
 

Gift of immovable property*

 

a. Value Rs. 50,000 or less

For every Rs.100 or part thereof

3.00

 
 

b. If Value exceeds Rs. 50,000
 

On first Rs. 50,000

 1,500.00

On the balance, for Every Rs. 100 or thereof

2.00

 03.
 

Selling, immovable property*

 

a. Value Rs. 100,000 or less

For every Rs.100 or part thereof

 3.00

 
 

b. If Value exceeds Rs. 100,000
 

On first Rs. 100,000

 3000.00

On the balance, for Every Rs. 100 or thereof

 4.00

04.

Every document presented or filed in the proceedings instituted in*

a. High Court

For every Rs.1,000 or part thereof (maximum of Rs.2,000)

2.00

 05.

b. District Court

For every Rs.1,000 or part thereof (maximum of Rs.1,000)

1.00

Gazette

* Gazette notification -642/18, 1990.12.28


Valuation for stamp duty (immovable property)

*. To any property (other than immovable property which is gifted) and to any date, means the price which in the opinion of the Assessor, property would have fetched in the open market on that day;

*. To any immovable property which is gifted, being immovable property which was acquired by donor on or before march 31, 1977 means - 

  1. The price which in the opinion of the Assessor that property would have fetched if sold in the open market on march 31, 1977 increased by an amount equal to the cost of   the improvements,   alterations and additions, if any, made to such property after march 31, 1977 and prior to the date of the instrument by which such property is gifted; or
  2. The price, which, in the opinion of the Assessor, that property would have fetched if sold in the open market on the date of the instrument by which such property is gifted;

Whichever price is the lower

*. Any immovable property which is gifted, being immovable property which was acquired by the donor after March 31, 1977 means - 

  1. The price which, in the opinion of the Assessor, such property would have fetched if sold in the open market on the date on which such property was acquired by the donor, increased by and amount equal to the cost of the improvement, alterations and additions, if any, made to such property after the date on which the property was acquired by the donor, and prior to date of   the instrument by which such property is gifted; or
  2. The price which, in the opinion of the Assessor, that property would have fetched ,if sold in the  open market on the date of the instrument by which such property was gifted;

Whichever price is the lower

*. Duty is payable at the time of execution of the instrument

*. Stamp duty payable  on an instrument  relating  to a transfer of immovable property may be paid  to a prescribed bank which shall issue a Certificate in the prescribed from payment  of the amount  of   stamp duty  paid and the  date of  payment of such  duty  and such instrument  shall  have affixed on it the Certificate  of  payment issued  by the bank.

These Bank Certificate Could be Purchased from any branch of People's Bank or Bank Of Ceylon

Turnover Tax

turnover taxDefinition

  • Turnover Tax is charged under section 03 of the Finance Statute of the Central Province N0.17 of 1990.

There shall be charged on

  • When a kind of goods or material is sold within the Central Province, a Turnover Tax at the rate of 1% and 5% is collected on the selling value of the item.

Effect From

  • 1st January, 1991. Discontinued from 01st January, 2011 

Turnover Tax Rates

Gold, Gems, Jewellery, Furniture, Timber, Cigarette and Liquor                  5%

Other goods and materials                                                                                   1%

Gazettes

  1. 636/13, 1990.11.15
  2. 642/18, 1990.12.28
  3. 917/2,1996.04.01
  4. 1371/23,2004.12.16
  5. 1389/5,2005.04.18
  6. 1467/14,2006.10.17
  7. 1476/1,2006.12.18

Betting Tax

betting taxDefinition

  • Betting Tax is charged under section 6 of the Finance (Supplementary Provisions) Statute of the Central Province N0.03 of 1996.

There shall be charged on

  • A tax shall be levied and charged on every bet placed or accepted on cash or on credit in any place or premises in the province, on any horse race (whether conducted within the province or not) at such rates as may be prescribed by the Minister by Order published in the gazette.

Effect From

  • 1st January, 1997

Betting Tax Rate

  • 5% on the every bet

Gazettes

  1. 953/9,1996.12.10

Performance

duties

Stamp Duty Revenue

 Year

Target (Rs. 000,000)

Achievement (Rs. 000,000)

1991

20

30

1992

21

37

1993

32

47

1994

40

57

1995

40

66

1996

40

63

1997

80

80

1998

84

99

1999

80

107

2000

80

118

2001

125

120

2002

130

138

2003

160

205

2004

160

253

2005

260

331

2006

270

358

2007

420

427

2008

659

417

2009

907

374

2010

440

481

2011

368

684

2012

725

827

2013

850

862

 


BTT Revenue

 Year

Target (Rs. 000,000)

Achievement (Rs. 000,000)

1991

105

104

1992

150

140

1993

150

163

1994

185

178

1995

207

193

1996

207

199

1997

220

225

1998

220

240

1999

229

267

2000

240

279

2001

315

315

2002

306

332

2003

350

396

2004

380

438

2005

450

483

2006

500

576

2007

773

1059

2008

1170

1328

2009

1739

1511

2010

2000

1683

2011

375

417*

2012

60

45*

* Collecting of BTT was discontinued from 01st January, 2011

Key Functional Areas

Road Development ServicesAssessing and collecting Stamp Duty based on Market Value

  • Collecting information by visiting relevant offices and from banks
  • Maintaining good rapport with Land Registries and Notaries public
  • Opening files according to the List of information
  • Calling for Instruments for file
  • Analyzing Files
  • If the paid Duty is not sufficient assess the Additional Duty

Motivating Tax Payers for paying Taxes

  • Motivating Tax payer for paying taxes and duties on Self Assessment basis
  • Making arrangement to display a notice at relevant places
  • Press release
  • Conducting awareness programs
  • Inspecting properties
  • Giving Advices about taxes and duties to taxpayers at the interviews

Bringing down the Tax in default balance Zero level

  • Percentile reduction of existing Taxes in default
  • Settling Appeals / Objections
  • Collecting taxes in default by visiting the Taxpayers
  • Proceeding with legal actions, against Tax payers who have not paid taxes or have not come on an agreement to pay taxes.

Updated Database System

  • Updating files in the Record room
  • Completing the BTT files up to 31-12-2010
  • Updating Stamp duty files
  • Facility to access an updated computerized data base trough a networked computer system
  • Research and Development of new sources of Revenue generating
  • Studying for the revenue sources within the legal provisions
  • Feasibility studies on Identified sources
  • Measuring the potential revenue from each sources
  • Determining the most suitable sources of revenue
  • Forwarding the proposal of New revenue sources to Chief Secretary for Obtaining approval
  • Implementing the approved Sources of revenue

Development of the Professional Competency of the staff

  • Conducting Training and Development programs
  • Identifying the needed areas for Professional training
  • Preparing a procedure
  • Identifying Resource persons and institutions

Appraising the performance

  • Daily and monthly progress report of each officer
  • Half-yearly report of Departmental performance
  • Annual report of Departmental performance

Good Governance

  • Functioning in accordance with Government Rules and regulations
  • Minimizing of audit queries
  • Bringing down the clients’ complaints to zero level
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Stamp Duty

stamp duty Real Value for your property

BTT

Business Turnover Tax BTT Entrepreneurial strength for uplifting mid country

Betting Tax

Betting Tax Financial benefit for entertainment

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Kandy, Sri Lanka

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