Tax concessions galore for firms running H’tota port

9 December 2017 12:02 am

By Yohan Perera and Ajith Siriwardana 
Gazette notifications pertaining to tax exemptions that would be granted to two public private entities that will run the Hambantota port were presented to Parliament for its approval yesterday. 


As per the gazette notification, the two entities namely Hambantota International Port Services Company Private Ltd and Hambantota International Port Group Private Ltd will be exempted from corporate income tax for 25 years, and from tax imposed on dividends for a similar period. 


The two entities will be exempted from withholding tax, PAYE tax, Value Added Tax (VAT) on project related goods  imports and when purchasing of local goods for the projects. 


They are also exempted from the Ports and Aviation Levy, Excise, CESS and Nation Building Tax for a period of seven years.