Home » Special tax breaks to attract FDIs in IT, vehicle assembly – State Minister

Special tax breaks to attract FDIs in IT, vehicle assembly – State Minister

by Gayan Abeykoon
September 25, 2023 1:20 am 1 comment

The government has focused on proposing special tax breaks and concessions in next year’s budget to attract more large-scale foreign direct investors in information technology and vehicle assembly, Investment Promotion State Minister, Dilum Amunugama stated. Accordingly, the Government intends to introduce a strategic tax policy including tax breaks for up to a period of two to five years to investors in the IT sector.

Investment Promotion State Minister Dilum Amunugama stated that the proposals in this regard are being prepared by the Finance Ministry and they are being prepared jointly with the ministries that primarily work to attract foreign direct investment.

State Minister Amunugama also said that the Government is of the opinion that these schemes are appropriate to encourage investors that bring investments higher than 50 million US dollars (more than 16 billion Sri Lankan rupees).

Amunugama said that new employment opportunities would be created through the arrival of large-scale investments in the information technology sector and the vehicle assembly industry. It will have a direct and indirect impact on the economic growth of the country in the medium as well as long term.

Jayasiri Munasinghe

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