22 February 2018 12:01 am
The cabinet has taken a decision to award further tax concessions for state lands provided on a long-term lease basis for commercial agriculture. Land and Parliamentary Reforms Minister Gayantha Karunathilaka said such lands will be exempt from charge of three times as the annual tax and will be charged only 20 percent of the previous year’s tax amount, instead of the 50 percent tax increase in every five years.
He also said if such a lease is renewed, its value will be assessed as an increase of 20 percent from the previous lease.