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FAQ

In Sri Lanka, the property tax system involves several key components related to stamp duty and legal fees when leasing or purchasing property. Here’s a breakdown:

1. Stamp Duty

•Leasing Land (up to 99 years):

A 1% Stamp Duty is charged on the total lease amount.

•Buying Property:

•3% Stamp Duty on the first LKR 100,000.

•4% Stamp Duty on amounts exceeding LKR 100,000.

2. Legal Fees

•Lawyers typically charge between 1% and 3% of the property’s value for preparing legal documents such as sales agreements and title transfers.

Other Possible Costs

•Notarial Fees: Additional charges may apply for notarizing documents.

•Registration Fees: A separate fee might be required for registering the property transfer.

•Valuation Reports: Some transactions may require official valuation reports, which come with their own costs.

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