Sri Lanka grants 25 year income tax waiver for Port City developer

Nov 02, 2016 (LBO) – Sri Lanka’s cabinet has approved granting of exemptions for the project company of the Colombo Port City in terms of the Strategic Development Project Act 2008. The CHEC Port City Colombo manages the project for the Chinese investor, China Communications Construction Company. The cabinet recognized the development of Port City and establishment of a mixed development project as a Strategic Development Project. As per the related gazette, the project company will have a 25 year exemption period from corporate income tax while China Harbour Engineering Company will receive 8 year income tax waiver. All imports of project related goods and local purchases of project related goods or services required for the implementation of the project will be exempted from VAT during the project implementation period of eight years. The project company will also be exempted from Ports and Airports Development Levy, Excise Duty, CESS and NBT for eight years.
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Exemption from Customs Duty will be applicable to all project related items in capital nature and any other project related items as approved by the BOI during the project implementation period. The expatriate staff of the Project Company will be exempted from PAYE subject to a restriction that this concession shall apply subject to the maximum number of thirty employees at any given time. The Project Company will also be exempted from the payment of Withholding Tax on certain conditions. The company proposed to reclaim 269 hectares of land for development within the total areas of 447 hectares. Proposed investment for Port City is 1,337 million US dollars while the implementation period is 8 years. The relevant gazette notification with all details is reproduced below. 1985-05_e