The government has decided to grant tax concessions of up to 10 years for investments in strategic development projects in the tourism, manufacturing and agriculture sectors.
The order has been issued by President Anura Kumara Dissanayake in his capacity as Minister of Finance, Economic Stabilization and National Policies.
Under the directive, tax incentives will apply to investments between US$ 50 million and US$ 300 million.
The Ministry of Finance, Economic Stabilization and National Policies said eligible projects must create at least 50 local jobs.
Qualifying investments will be granted corporate income tax exemptions ranging from five to 10 years. Tax concessions will also apply to the import of capital goods and construction materials required for the projects, the ministry said. (Newswire)