By Sandun A. Jayasekera

The Government in a bid to increase foreign exchange revenue and rupee account would adopt two strategies by way of a major tax relief for investments in Colombo Port City (CPC) and increasing of direct tax, Government spokesman and Transport and Highways Minister Bandula Gunawardana said. 

Countries like Gulf States, Singapore and other Asian countries have attracted foreign investments by giving huge tax concessions to investors. Accordingly, Sri Lanka has also taken a decision to give 40 year tax holiday to all investments at CPC, he added. 

Minister Gunawardana appealed to Sri Lankan investors not to invest in African and Asian countries but at the CPC. 

“The biggest single investment in Sri Lanka up to now is US$ 1.5 billion on the CPC. Investors have better opportunities to invest in hotel, tourism, education, leisure and health sectors at the CPC. The Sri Lanka government will provide all incentives and tax relief to those who come forward to invest at the Port City,” he stressed.