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10yr tax holiday for LIOC

25 May 2012 - {{hitsCtrl.values.hits}}

Lanka Indian Oil Company (LIOC), which began operations in 2003 has secured a tax amnesty for ten years through an international arbitration panel, Deputy Economic Development Minister Lakshman Yapa Abeywardane told Parliament today.

The deputy minister was responding to Janatha Vimukthi Peramuna (JVP) parliamentary group leader Anura Kumara Dissanayake who asked why the LIOC had been exempted from paying tax.

“All the other business ventures are required to pay various forms of taxes to the state. Yet, LIOC which uses resources in this country has been exempted from it. How did it happen?” he asked.

The deputy minister said the government had informed LIOC in writing in 2009 that they should pay taxes to the government, but this request was challenged by them at an international arbitration panel in France.

“The arbitration panel ruled that a tax amnesty should be granted to it for ten years from 2003 when the agreement was signed allowing the LIOC to enter the local lubricant market. It has this facility till 2013. After that, it will have to pay tax. LIOC informed the international arbitration panel that it makes various other payments to the state,” he said.

The deputy minister said LIOC pays for the use of fuel tanks here.(KB & YP)

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10yr tax holiday for LIOC

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