Sri Lanka to give subsidies to buy deep sea fishing vessels

ECONOMYNEXT – Sri Lanka will give a 50 percent subsidy to fishermen buying deep sea fishing vessels, Finance Minister Mangala Samaraweera said.

Multi-day boats wll get a 50 percent subsidy for cold storage facilities.

Deep sea boats over 55 meters long will also get a 50 percent subsidy he said, presenting a budget for 2018.

Sri Lanka will also give a concessionary 14 percent income tax rate for the fisheries business, he said.

Sri Lanka will also give land in Kilonochchi to start sea cucumber farms, he said.