Lankapage Logo Recent Top Stories
CP 13 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lankan government grants tax relief for investments of migrant workers
Fri, Nov 30, 2012, 08:46 pm SL Time, ColomboPage News Desk, Sri Lanka.

Nov 30, Colombo: The Sri Lankan government has decided to grant tax relief for investments made by migrant workers who earn valuable foreign exchange for the country.

The cabinet of ministers has given approval to a proposal made by the Minister of Foreign Employment Promotion and Welfare Dilan Perera to grant relevant tax exemptions for importation of machinery and equipment for returnee migrant workers to invest on new businesses.

Addressing the weekly cabinet news briefing, Minister Anura Priyadarshana Yapa said the tax relief is being granted for five years for the investments made by migrant workers who return to the country.

Profits earned by migrant workers from domestic investments made through their earnings will also be free from income tax, turnover tax and the Nation Building Tax for a period of five years.

The state banks are also to provide special loan schemes for these workers under stipulated conditions.

The remittances from the expatriate workers have seen an upward trend making it the highest foreign exchange earnings to the country, the government says.

The foreign exchange earnings by the migrant workers reached US$ 5.2 billion in 2011 despite the poor global economy.



ColomboPage - Recent 10 Stories
Sri Lanka's Marxist party reiterates need to investigate alleged coup plot by former regime
-- [38 minutes ago]
Indian Prime Minister to address Sri Lankan parliament during visit
-- [42 minutes ago]
Sri Lankan minister says 90 percent of state revenue used on debt repayment
-- [54 minutes ago]
Sri Lanka police arrest four over alleged coal import fraud
-- [1 hour and 12 minutes ago]
Sri Lanka’s Chinese funded Port City Project temporarily suspended
Sri Lanka's national carrier losses amount to over Rs. 32 billion in 2014, up by 24%
Sri Lanka to probe previous government's payments to US lobbying firms
Sri Lanka President launches debate on National Medicinal Drug Policy in parliament
IMF denies Sri Lanka's request for a fresh bail-out
Former ruling party of Sri Lanka seeks simultaneous implementation of laws curbing executive powers and electoral reforms

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.