New tax exemptions for strategic development projects

With the approval of the Strategic Development projects Act No. 14 of 2008 following tax exemptions could be enjoyed by any person invest in such Strategic Development Projects which are considered as strategic projects by the Board of Investment of Sri Lanka with the approval of the Parliament of Sri Lanka, Chairman DPR Consultants Baratha Subasinghe told the Daily News. He further said that most of such exemptions are not available under the Board of Investment law.

Type of tax exempted under the Strategic Development Projects:

(i) The Inland Revenue Act No. 10 of 2006 - (Income Tax)

(ii) The Value Added Tax Act No. 14 of 2002 - (Value Added Tax)

(iii) The Finance Act No. 11 of 2002 ( Port and Airport Development Levy)

(iv) The Finance Act No. 05 of 2005 ( Social Responsibility Levy, Share Transaction Levy, Construction Industry Guarantee Fund Levy)

(v) The Custom Ordinance (Chapter 235)

(vi) The excise (Special Provision) Act No. 13 of 1989

(vii) The Economic Service Charge Act No. 13 of 2006

(viii) The Debits Tax Act No. 16 of 2006.

(taxsrilanka.com)