Special tax incentives for foreign investors in Port City

Foreign investments in the Port City will receive massive tax concessions, a move by the government to lure investors into the country.

Despite the government having highlighted just a week ago the need to have higher taxes to expand the country’s revenue base, the cabinet on Monday gave the nod to extend special tax reductions for a 40-year period to encourage foreign investment in Port City. 

In an announcement today, the government said if Sri Lanka is to attract investments it must offer greater relief to foreign investors than other competitive countries.