Plans are afoot to reduce the 2017 budget deficit from the existing 5.4 per cent to 4.7 per cent of the GNP and towards this new ways to increase government revenue would be implemented, said Finance Minister Ravi Karunanayake.
The Finance Minister added that most individuals earn large profits through land and property trades and hence steps would be taken to divert a part of these capital gains towards state revenue.
While stating that a capital gains tax on land and property transactions would be introduced through the upcoming budget and added that this capital gains tax would not be imposed on stock market transactions.