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Harsha blasts Govt. for casino tax holidays
The Government has in a gazette notification granted 10-year tax holidays to Lake Leisure Development Project of casino tycoon James Packer and Iconic Integrated Resort Project of John Keells Holdings to build and operate Mixed Development Projects with casinos, UNP MP Harsha De Silva said today.
Dr. De Silva who is also a well-known economist said after the tax holiday, the profits earned by the Company would be charged at six per cent or 50 per cent of the prevailing tax rate for the hotel industry, for 12 years.
He said the dividends paid to shareholders out of the tax-exempted profit of the Company would also not be taxed be exempted from income tax for ten years.
Dr. De Silva said the withholding tax on the interest accrued on foreign loans; for capital expenditure and technical fees, management fees, royalty fees and marketing fees had also been exempted.
He said the concessions given to the ‘ICONIC" Integrated Resort is somewhat similar but John Keells had not accepted the concessions given to the casino though it would operate a casino.
Dr. De Silva told a news conference that the government had set a world record with Thurday’s gazette making Sri Lanka the country which gives the highest concessions for casinos.
He referred to a statement made by Investment Promotion Minister Lakshman Yapa Abeywardene that no licences had been issued for any casinos in Sri Lanka and said the tax concessions granted are illegal as mentioned in the minister’s statement.
Dr. De Silva commended Johns Keells Holdings for not accepting any tax concessions for casinos. This he said was an act of good corporate social responsibility. (Yohan Perera and Jehan Gunasekara)
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