Govt imposes new asset purchase restrictions for undeclared income

By MG News | June 23, 2025 at 03:32 PM GMT+05:00

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June 23, 2025 (MLN): The government has imposed new restrictions on asset purchases for individuals who fail to declare sufficient income.

Under these measures, those not paying enough tax will be barred from making major purchases.

These include cars priced over Rs7 million, residential properties exceeding Rs50m, and commercial plots valued above Rs100m, as per the press release issued.

Additionally, individuals will not be allowed to maintain a total bank balance of more than Rs100m in a year or invest over Rs50m in securities annually.

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