Sri Lanka tourist hotels seek tax waivers, debt relief up to two years

ECONOMYNEXT – Sri Lanka’s tourist industry has debt and tax relief of up to two years for the industry and its workers following the Easter Sunday attacks.

"The industry is on the verge of collapse," Sanath Ukwatte, Chairman The Hotels Association of Sri Lanka, told reporters in Colombo.

The industry association has asked for a waiver of interest on loans for a year, a moratorium on capital repayment for two years, and for loans to be re-scheduled thereafter at a concessionary rate of 2.0 percent and a soft-loan for working capital for two years at 2.0 percent interest.

Most leisure sector firms including travel agents also had vehicles on lease. The industry is seeking a moratorium from leasing companies.

Hotels have also asked for personal loan installment waivers for employees for two years.

The industry has also asked for relief from ‘high and various taxes’ until the industry comes back to normalcy, Ukwatte said.

Sri Lanka tourist arrivals were down 7.5 percent in April, following the attacks, but officials said so far in May, arrivals were down 60 percent. (Colombo/May06/2019-SB)
 

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