Sri Lanka parliament lifts land lease tax on foreigners from Jan 08

ECONOMYNEXT – Sri Lanka’s legislators approved changes to the land alienation law in Sri Lanka that removed a 15 percent nationalist tax on land leased to foreigners with effect from January 08, 2017.

Foreigners were barred from owning free hold land during the ousted Rajapaksa regime and the tax was imposed on leases during the ousted Rajapaksa regime.

Under changes, foreigners, foreign companies and locally incorporated companies with more than 50 percent foreign ownership will be allowed to lease land without a penal tax.

Sri Lanka earlier permitted freehold land sales to foreigners with a 100 percent tax.

The tax was one of a series of nationalist measures that was imposed by an assembly elected out of the popular vote which also included robbing language freedoms of the people after gaining self-determination from British rule. (Colombo/Feb08/2017)

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