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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Tax Incentives for investments increased

Tax Incentives for investments increased

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1Tax Incentives for investments increased Empty Tax Incentives for investments increased Mon Oct 15, 2012 2:07 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
The government has incorporated a wide range of tax incentives into tax laws including the Strategic Development Project Act of 2008 with the objective of attracting more private and foreign investments.

It has been planned to increase annual investment levels to 33-35 % of GDP by 2016 of which, around 6-7 % is expected to be government investments while the private sector, both domestic and foreign is expected to invest around 27-28 %.

The government has taken several initiatives such as lowering taxes, strengthening banking and non banking financial institutions, improving infrastructure and others to boost investment. Identifying and removing barriers to investment has also given high priority.

The private sector is expected to invest particularly in port related industries and services, tourism, IT/BPO, skills development, urban mixed development, agriculture and manufacturing sector and particularly in value added industries using domestic raw materials and resources.

Meanwhile, sources from the Board of Investment said that the Board in collaboration with the line Ministries are focusing on investments for which specific project proposals and required domestic arrangements need to be firmed up to exploit potential areas of investment. (niz)
http://www.news.lk/news/sri-lanka/3412-tax-incentives-for-investments-increased

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