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Last Updated : 2023-03-25 15:10:00
According to the draft law on Colombo Port City Economic Commission, those employed at the special economic zone will only be remunerated in a designated foreign currency, other than in Sri Lankan rupee (LKR).
The draft legislation said foreign currency remuneration applies to those authorized persons (both, resident and non-resident) permitted to engage in business in and from the area of authority of the Colombo Port City.
Furthermore, any employment income of a resident employee will be exempt from income tax, and would be allowed to credit the funds to a personal foreign currency account. Exempted from income tax is also income of non-resident employees.
“Notwithstanding anything to the contrary contained in any other written law, such non-resident employees shall not be liable to income tax in Sri Lanka on any income earned outside Sri Lanka,” the draft law stated.
Umar Perera Monday, 29 March 2021 03:01 PM
Aha. So Port City is NOT part of Sri Lanka if Sri Lankan Inland Revenue legislation does not apply. Does China hold the title deeds?
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