FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post



Poll

Can there be another Covid-19 wave in Sri Lanka?

 
 
 

View results

STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» PEOPLE'S INSURANCE PLC (PINS.N0000)
by Ekanayake90 Today at 7:01 pm

» KOTAGALA PLANTATION PLC (KOTA.N0000)
by kanishkaecomm Today at 5:58 pm

» BROWNS INVESTMENTS PLC (BIL.N0000)
by Sunimal Today at 2:18 pm

» Construction activities records fastest growth in five years
by samaritan Today at 3:56 pm

» Leisure sector- KHL vs Eden
by samaritan Today at 3:44 pm

» Port City - Sri Lanka's Economic Trajectory
by samaritan Today at 2:34 pm

» Sell EXPO Buy EDEN sentiment changed to Exit EXPO Enter EDEN
by cwij5252 Today at 10:19 am

» Maharaja after long time
by Maharaja Today at 10:15 am

» Watch SPEN
by Tissa Today at 7:10 am

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by cseguide Yesterday at 10:06 pm

» Top Crossing Today
by SAGA Yesterday at 3:19 pm

» AGST is Next KOTA
by kanishkaecomm Yesterday at 2:23 pm

» LATEST: Join FINANCIAL CHRONICLE™ Discord
by CHRONICLE™ Yesterday at 1:27 pm

» Try to Avoid Getting Sucked into Any Panic Modes While Looking for Opportunities. Stock market for beginners
by D.G.Dayaratne Yesterday at 10:51 am

» Top Foreign Trading today
by D.G.Dayaratne Wed Sep 22, 2021 11:29 pm

» Evergrande agrees deal to avoid default on key bond: Company
by RajapaksaDON Wed Sep 22, 2021 8:15 pm

» Top crossings today
by SAGA Wed Sep 22, 2021 7:27 pm

» LOFC AND CLC Target Price??
by Rational Investor Wed Sep 22, 2021 6:35 pm

» CABO -- “ The Investment Company ” under Land & Building Sector
by samaritan Wed Sep 22, 2021 10:45 am

» LOFC lofc
by stockchaser Wed Sep 22, 2021 9:52 am

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Govt. passes new laws restricting sale of land to foreigners

Govt. passes new laws restricting sale of land to foreigners

2 posters

Go down  Message [Page 1 of 1]

SHARK aka TAH

SHARK aka TAH
Expert
Expert
By Ashwin Hemmathagama Our Lobby Correspondent
New laws were passed yesterday in Parliament making necessary provisions to stipulate restrictions on the sale of land to foreigners.
The new regulations cover foreign companies and certain institutions with majority foreign shareholdings subjected to certain exemptions.
According to the Government, new laws were needed to continue development policies being promoted in the backdrop of a globally-integrated environment where prudent use of land is a must.
Moving the Bill, Minister of International Monetary Co-operation and Deputy Minister of Finance and Planning Dr. Sarath Amunugama highlighted the requirement of a national policy to regulate land in Sri Lanka.
“The proposed laws will limit the ownership of the lands of this country to Sri Lankans. In par with Monetary Law Act of 1983, 100% tax was imposed on the transfers of land ownership to foreigners. This was repelled in 2002 by then Government allowing lands to get transferred to non-nationals. After we came to power, in 2004 we imposed the 100% tax, which lead to certain complications demanding a national policy. The new laws will provide two separate regulations for freehold and leasehold transactions,” said Minister Dr. Amunugama.
The provisions of the Act are expected to come into operation with effect from 1 January 2013 prohibiting transfer of title of any land to a foreigner, to a company incorporated in Sri Lanka under the Companies Act where any foreign shareholding exceeds 50%, and to a fully owned foreign company.
However, any land title which is transferred to a Diplomatic Mission, to international, multilateral or bilateral organisations in terms of the respective Act, condominium parcels situated on or above the fourth floor of a building specified under the Apartment Ownership Law, lands transferred to foreign investors by Cabinet decisions, any land title of which is transferred by intestacy, gift or testamentary disposition to a next-of-kin who is a foreigner, any lands transferred to dual citizens and titles transferred to banks with over 50% foreign shareholdings will be exempted.
Joining the debate, UNP Member of Parliament Sajith Premadasa commended the ruling party for drafting a Bill to safeguard the lands in Sri Lanka regardless of the wide-apart declaratory policy and the action policy of Government.
“Minister talks about a broad picture whereas Chinese are given land neglecting the laws. These companies enjoy considerable tax exemptions compared to levies imposed on locals. Is this the development you propose? The company you engaged in building the Colombo Port City is blacklisted by the World Bank and the ADB for fraud in Philippines, Bangladesh, Malaysia, Uganda, and Papua New Guinea. We are not against the laws tabled to limit the foreigners from purchasing land in Sri Lanka. But remember to secure the land rights of the locals,” said Premadasa.

RPPA


Expert
Expert
@SHARK aka TAH wrote:By Ashwin Hemmathagama Our Lobby Correspondent
New laws were passed yesterday in Parliament making necessary provisions to stipulate restrictions on the sale of land to foreigners.
The new regulations cover foreign companies and certain institutions with majority foreign shareholdings subjected to certain exemptions.
According to the Government, new laws were needed to continue development policies being promoted in the backdrop of a globally-integrated environment where prudent use of land is a must.
Moving the Bill, Minister of International Monetary Co-operation and Deputy Minister of Finance and Planning Dr. Sarath Amunugama highlighted the requirement of a national policy to regulate land in Sri Lanka.
“The proposed laws will limit the ownership of the lands of this country to Sri Lankans. In par with Monetary Law Act of 1983, 100% tax was imposed on the transfers of land ownership to foreigners. This was repelled in 2002 by then Government allowing lands to get transferred to non-nationals. After we came to power, in 2004 we imposed the 100% tax, which lead to certain complications demanding a national policy. The new laws will provide two separate regulations for freehold and leasehold transactions,” said Minister Dr. Amunugama.
The provisions of the Act are expected to come into operation with effect from 1 January 2013 prohibiting transfer of title of any land to a foreigner, to a company incorporated in Sri Lanka under the Companies Act where any foreign shareholding exceeds 50%, and to a fully owned foreign company.
However, any land title which is transferred to a Diplomatic Mission, to international, multilateral or bilateral organisations in terms of the respective Act, condominium parcels situated on or above the fourth floor of a building specified under the Apartment Ownership Law, lands transferred to foreign investors by Cabinet decisions, any land title of which is transferred by intestacy, gift or testamentary disposition to a next-of-kin who is a foreigner, any lands transferred to dual citizens and titles transferred to banks with over 50% foreign shareholdings will be exempted.
Joining the debate, UNP Member of Parliament Sajith Premadasa commended the ruling party for drafting a Bill to safeguard the lands in Sri Lanka regardless of the wide-apart declaratory policy and the action policy of Government.
“Minister talks about a broad picture whereas Chinese are given land neglecting the laws. These companies enjoy considerable tax exemptions compared to levies imposed on locals. Is this the development you propose? The company you engaged in building the Colombo Port City is blacklisted by the World Bank and the ADB for fraud in Philippines, Bangladesh, Malaysia, Uganda, and Papua New Guinea. We are not against the laws tabled to limit the foreigners from purchasing land in Sri Lanka. But remember to secure the land rights of the locals,” said Premadasa.

MAWA HONDA WADA.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum