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    Novel incentives to encourage investors

    May 15, 2017

    The Government has decided to introduce a concessionary scheme to encourage investors in the country, says Finance Minister Ravi Karunanayake.

    The minister points out that the new scheme will be implemented according to the monetary value of investments, number of employment to be generated through such anticipated investment project and the area it is to be set up. The minister states that the government expects to generate one million jobs, increase the annual state revenue by 5 to 6 billion US dollars and settle other disputes relating to investment said Finance Minister Ravi Karunanayake..

     

    The minister is confident that the country’s capability of gaining investment will be further strengthened rather than more and more borrowing. He pointed out that country borrowing has been gradually discouraged after the Good Governance administration assumed power. The parliament approved the state borrowing threshold of Rs.1699 billion for the year 2016; but the government borrowed only Rs.1319 billion, minister Karunanayake pointed out. He said that it is a Rs.380 billion decline than the anticipated credit threshold.

     

    Meanwhile, Finance Minister Ravi Karunanayake said the government expects to further simplify the corporate tax rates thereby introducing it under three levels. He also said that the proposals for this new scheme will be included in the new Inland Revenue Draft Bill and, they will readily be produced before the public for an open dialogue.

     

    The Finance Minister says that the government expects to grant income tax waivers  to private companies in several sectors under this scheme. Activities centered on commercial hubs, Information technology, Gem and jewelry export, Repositioning international headquarters, Solid waste management, Compost fertilizer manufacture, Agriculture, Poultry farming and Livestock development are some of the sectors to be granted income tax waivers. Minister Ravi Karunanayake further said that these proposals are scheduled to be presented for parliament approval without delay. 

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