Sri Lanka to grant tax concessions for two major development projects
Sri Lanka is to grant tax concessions to two major development projects under the Strategic Development Projects Act. The tax concessions are to be granted to two investment projects – the Colombo International Financial Centre and Ceylon Tyre Manufacturing Company Ltd.
The Ceylon Tyre Manufacturing Company project, to manufacture semi-steel tyres and all steel radial tyres for the export market at Hambantota International Port, has reportedly been identified as a Strategic Development Project and launched in January this year. It is to be completed within 36 months and will produce truck and bus radial tyres and passenger car radial tyres for export.
Under the Strategic Development Projects Act Order, the project company will get tax concessions, including from Corporate Income Tax, Income Tax on Employment, Value Added Tax, Ports and Airport Development levies and Customs levies, during the project period.
A wide range of tax concessions are to also be granted for the Colombo International Financial Centre Mixed Development Project at the Colombo Port City, for the construction of the first of five vertical iconic towers at Colombo Port City – the Cabinet approval for which was granted in October.
Sri Lanka’s ongoing development programme also includes several mega development projects that would take the country to the next level of development. Sri Lanka is fast becoming a business hub in the South Asian region given it’s geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country. All these and the incentives offered by the government of Sri Lanka has offered many attractive business/investment opportunities.
|Article Code :||VBS/AT/20210521/Z_4|