However, he asserted that it will be implemented only after a thorough analysis in 2025.

The State Minister assured that common people will not be affected by the new tax as it will be imposed only on individuals who own multiple properties.

Justifying it as a progressive tax, Siyambalapitiya said the Local Government and common people will stand to benefit from the levy.

He also noted that the tax is being prepared considering the recommendations made by the International Monetary Fund (IMF).