News
New tax holidays up to ten years for investors
View(s):The government has announced fresh tax holidays ranging from six to ten years for new investors in tourism, manufacturing, agriculture, and educational technologies, according to a new Treasury circular.
Under the circular issued by President Anura Kumara Dissanayake in his capacity as Minister of Finance, Planning and Economic Development, potential investors are expected to invest US$50 million to US$300 million with minimum local job creation requirements ranging from 100 to 250.
For tourism and any other leisure-related new investments, the minimum investment is fixed at USD 300 million with tax holidays up to ten years.
The investors are exempted from Corporate Income Tax (CIT) during the tax holiday period.
Those who are willing to invest are also given exemptions during the project implementation period for the purpose of importation of capital goods and construction materials
The circular also made it clear that the importation of motor vehicles intended for travelling or personal use will not be exempted from the respective taxes as well.
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