ECONOMYNEXT – Sri Lanka has passed amendments to the law governing Colombo Port City, limiting tax holidays to 15 years for billion dollar investments and shorter terms for smaller investments, which are based on predetermined rules, Deputy Minister of Finance and Planning Anil Jayantha Fernando said. “Earlier very long tax holidays up to 25 years were given without pre-set criteria,” Minister Fernando told parliament on Wednesday. “We have introduced criteria based on investment volume and the number of jobs created.” Primary businesses of strategic importance have been classified as : A – billion dollars, B- 500 million dollars, C-100 million…
Sri Lanka Port City Law to give 15-year tax holiday for billion dollar investments
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