ANNOUNCEMENT 22 Feb 2017
Sri Lanka removed a 15% land lease tax on the rentals of land leased by foreigners.
NUMBER OF INTERVENTIONS
LAND (RESTRICTIONS ON ALIENATION) (AMENDMENT) ACT, No. 3 OF 2017
On 22 February 2017, Sri Lanka through Land (Restrictions on Alienation) (Amendment) Act, No. 3 OF 2017, removed the imposition of the Land Lease Tax at the rate of 15% on land leased to a foreigner, or to a foreign company or to a local company wherein foreign shareholding is 50% or above.
The amendment is applicable to all lease indenture executed after 8 January 2017.