Sri Lanka Krrish deal tax breaks to be lowered

ECONOMYNEXT – A mixed development project by India’s Krrish group which ran into a controversy during the last regime can still go ahead but as a new project with tax incentives revised lower, an official said.

"It came as a strategic investment that required certain undertakings from their part," Director General of Sri Lanka’s Board of Investment, Duminda Ariyasinghe told reporters.

"Obviously some of them haven’t been met. We are revising downwards the incentives that we offer."

The Krrish group has submitted a fresh investment proposal that the BOI is discussing, he said.

Under Sri Lanka’s Strategic Investment Law companies were able to get sweeping tax breaks, with up to 15 to 20 year tax holidays but the new administration has said the law will not be used.

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