The government has decided to grant tax concessions of up to 10 years for investments in strategic development projects within the tourism, manufacturing, and agricultural sectors.
It is reported that the relevant order has been issued by President Anura Kumara Dissanayake, in his capacity as Minister of Financial Planning and Economic Development.
Accordingly, the tax concessions will apply to investments ranging between US$ 50 million and US$ 300 million.
The Ministry of Financial Planning and Economic Development has stated that eligible projects must generate a minimum of 50 local employment opportunities.
Under the proposal, qualifying investments will be exempted from corporate income tax for a period of five to ten years.
Furthermore, the Ministry noted that tax concessions will also be extended to the importation of capital goods and construction materials required for the implementation of these projects.
