Lankapage Logo Recent Top Stories
Go Home Home Serving the Sri Lankan community globally since 2000
go to

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 Police commission recommends disciplinary action against officers assaulted HNDA students
-- [5 hours ago]
Colombo Stock Exchange establishes a Central Counter Party
-- [5 hours ago]
Chairpersons appointed to parliamentary committees COPE and COPA
-- [7 hours ago]
Tamil Nadu Chief Minister seeks immediate release of fishermen in Sri Lanka's custody
-- [7 hours ago]
Finance Minister introduces measures to manage state resources effectively
-- [8 hours ago]
Families of deceased Sri Lankan migrant workers receive compensation
-- [8 hours ago]
Sri Lankan government assures no threat to national security from releasing LTTE suspects
-- [9 hours ago]
President Sirisena arrives in Malta to attend the CHOGM 2015
-- [9 hours ago]
Sri Lankan President commended for promoting Commonwealth ideals
Presidential Commission names respondents for corrupt activities by Rakna Araksha Lanka

Copyright © 2000, 2012 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, 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, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.