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Sri Lanka to review Rajapaksa expropriations, strengthen property rights

ECONOMYNEXT – Sri Lanka will review property and firms expropriated by the ousted Rajapaksa regime and enact a new law to guarantee investment protection, Prime Minister Ranil Wickramasinghe said.

Firms and property expropriated by a controversial law will be reviewed Wickramasinghe told parliament presenting a policy statement similar to the first section of a budget speech.

A new law guaranteeing the safety of domestic and foreign investors which is in line with the constitution of Sri Lanka (section 157) will be enacted he said.

He said the practice of levying retrospective taxes and one-off taxes will be ended and they will be given a chance to make investments to the equivalent amount.

Sri Lanka’s retrospective taxes have been viewed as ‘revenge taxes’ and some were criticized as expropriationary. (Colombo/Nov05/2015)

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