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Land, tax concessions for foreign investors
View(s):Foreigners investing in local projects or expanding their existing businesses will be given additional tax concessions in a fresh bid to attract more investment, Minister of Investment Promotion Lakshman Yapa Abeywardena told The Sunday Times.
Under the scheme, foreign companies that have operated for 10 years with a clean track record and generated employment for Sri Lankans will be given an opportunity to expand their businesses by obtaining additional land. A 15 per cent tax imposed on the upfront lease payment will be waived.
The Minister will submit a cabinet paper on each of the projects before granting the land and tax concessions. New investments coming into the country in partnership with local companies with an investment of more than $US250 million will also be eligible to apply for a 7.5 per cent tax waiver from the current 15 per cent. The investment should be within the Board of Investment zone, an approved tourism development project or a project of the Ministry of Industries.
Any other foreign companies requiring land will need to obtain approval from the Finance Ministry and the Lands Ministry. The entire investment should be from overseas. “The main objective of this is to attract foreign investment. We will be giving land on lease in future,” Mr Abeywardena said.
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