Sri Lanka to grant special tax concession to Colombo Port City investors

The Sri Lankan government has decided to award a special 40-year tax concession to those who invest in the Colombo Port City, a Cabinet spokesperson said on Tuesday.

The spokesperson told reporters that the decision was taken with the aim of attracting investments.

He also announced that the Cabinet of ministers has unanimously agreed to serve without salaries for a period of one year.

Sri Lanka, which is in the mid of a foreign exchange crisis, is attempting to attract foreign direct investments to overcome the crisis.

Central Bank Governor Nandalal Weerasinghe said last month that Sri Lanka needs to attract at least 2 billion US dollars as foreign direct investments in the coming months.