Oct 07, Colombo: The parliament of Sri Lanka on Wednesday (October 09) will debate Australian gaming tycoon James Packer's proposed development project in Colombo.
Parliament will debate the tax concessions offered to Packer's project under Lake Leisure Holdings.
Packer has agreed to invest US$350 million to build a 36-story skyscraper which will be known as 'Crown Colombo' in the heart of Colombo for a casino and gaming enterprise to be opened in 2016.
The large scale casino project, which is identified as a mixed development project, has been categorized under the Strategic Development Projects Act.
The Cabinet last month granted its approval to build the mixed-resort which will also include a hotel with a minimum of 400 rooms, convention facilities, restaurants and other associated facilities.
The project has been granted a 10-year exemption from income tax in addition to a further concessionary 6 percent tax rate for 12 years among other tax concessions.
Opposition political parties have expressed their disapproval to the project stating the country was losing out on millions in revenue due to the massive tax concessions granted to it.