Sat, 25 Mar 2023 Today's Paper

Port City employees to earn tax-free foreign currency salaries

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


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. 

  Comments - 1

  • 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?

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment

Import of South Indian eggs: Sri Lanka walks on Indian eggshells

With the increase in egg prices the government decided to import eggs to regu

Wokeism: Is it destructive, or are you afraid of change? A response

In order to critically discuss a movement, we must first understand its etymo

Defeat in Ananthapuram Battle denoted the LTTE’s end

Many battles were fought during the long war between the Sri Lankan armed for

Wokeism: A Weapon of Mass Destruction?

When can one say they’ve had enough of being in a state of ‘wokeness’ a