ANNOUNCEMENT 22 Feb 2017

Sri Lanka removed a 15% land lease tax on the rentals of land leased by foreigners.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising

SOURCE

LAND (RESTRICTIONS ON ALIENATION) (AMENDMENT) ACT, No. 3 OF 2017
http://documents.gov.lk/files/act/2017/2/03-2017_E.pdf

Inception date: 08 Jan 2017 | Removal date: open ended
Still in force

FDI: Treatment and operations, nes

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.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A