10-year tax concessions for strategic development projects in several sectors

The Sri Lankan government will offer tax breaks of up to 10 years for investments in key development projects in tourism, manufacturing, and agriculture. President Anura Kumara Dissanayake, who is also the Minister of Finance, Economic Stabilization and National Policies, has signed the relevant order. Reports indicate that these tax incentives will apply to investments ranging from US$ 50 million to US$ 300 million. The Ministry of Finance has stated that projects need to create at least 50 local jobs to qualify. Companies that meet the criteria may receive exemptions from corporate income tax for five to ten years. Additionally, there will be tax breaks for importing capital goods and construction materials needed for these projects, as mentioned by the Finance Ministry.