Nov 17, 2017

25 yr. income tax holiday for H’tota port company Featured

The company responsible for managing Hambantota port is to be given 10 tax concessions, including a 25-year income tax holiday.

Development strategy minister Malik Samarawickrema has given Hambantota International Port Group these concessions as per provisions in the strategy development act no. 14 of 2008 after consulting the finance minister.

The concessions have been declared through gazette extraordinary no. 2044/20 of 06 November 2017.

The 25-year income tax concession will come into effect after 29 July 2024.

Also, a 25 year concession has been granted for the tax on profits.
Seven years of concession each have also been given for retainer tax, PAYE tax, VAT, CESS, nation building tax, customs tax, port and aviation tax and production tax.

These concessions apply for contractors as well as subcontractors.