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Port City employees to earn tax-free foreign currency salaries

29 March 2021 12:43 pm - 1     - {{hitsCtrl.values.hits}}

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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. 

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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.
  • 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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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.