RECENT POLICY REFORMS ADOPTED TO ENCOURAGE INVESTMENTS
The recent policy reforms adopted in March 2019 in Sri Lanka focused on legal reforms, market access enhancement, speedy approval processes, and online systems introduction to encourage investments. Key initiatives include the implementation of tax laws, introduction of investment incentive schemes, and proposing strategies to attract domestic and foreign investments. These reforms aim to provide a conducive environment for businesses and boost economic growth in Sri Lanka.
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RECENT POLICY REFORMS ADOPTED RECENT POLICY REFORMS ADOPTED TO ENCOURAGE INVESTMENTS TO ENCOURAGE INVESTMENTS March 2019
Content Content Legal Reforms Enhancement of Market Access Reforms Introduced for Speedy Approval Process Introduction of Online Systems Reforms for Investment Incentive Scheme under Budget Proposals 2019 22nd Session of Sri Lanka-EU Joint Commission salient points
Legal Reforms Legal Reforms 1. Implementation of Inland Revenue Act No.24 of 2017 Inland Revenue Act No.24 of 2017 2. Implementation of Foreign Exchange Act No.12 of 2017 Foreign Exchange Act No.12 of 2017 3. Amendments to Land Alienation Act Land Alienation Act Enhancement of Market Access Enhancement of Market Access Reforms introduced for speedy approval process Reforms introduced for speedy approval process Introduction of online systems Introduction of online systems 1. Single Window Investment Facilitation Task Force (SWIFT) 2. 3. Import Export Facilitation FDI online Registration
Reforms for investment incentive scheme under Reforms for investment incentive scheme under Budget Proposals 2019 Budget Proposals 2019 Investment Incentives for Existing Businesses Investment Incentives for Existing Businesses Tax concessions by way of accelerated depreciation will be granted instead of regular depreciation for the new investments made by existing businesses Incentives for Information Technology Incentives for Information Technology The requirement of minimum 50 employees in order to qualify for the additional deduction equal to 35% of the salary cost when calculating the income from the business of IT is removed. Introduction of Special Investment incentives to accelerate high value domestic and foreign Introduction of Special Investment incentives to accelerate high value domestic and foreign investments investments Large scale (over US$ 100 Mn) & mid size investments (Over US$ 50 Mn) Enhanced Capital Allowance of 100 % to 150% Exemption on applicable upfront taxes (NBT, PAL, Cess) Non applicability of Negative list Dividend tax exemption for non- residents (for over US$ 1000 Mn) WHT exemption for employee income for expatriates (for over US$ 1000 Mn)
22 22nd salient points salient points nd Session of Sri Lanka Session of Sri Lanka- -EU Joint Commission EU Joint Commission Proposals Proposals from from BOI BOI To provide the service of a promotion specialist for BOI to promote Sri Lanka under the EU-Sri Lanka Trade- Related Assistance Project. Proposal Proposal from from EDB EDB 1. Technical Assistance for Developing 60 Sri Lankan SMEs to the European Market 2. Market Entry Strategy and create business linkages in the Central and Eastern Europe 3. Proposal for Promoting Sri Lanka Wellness Tourism Sector through Integrated Supply & Market Access Programme 4. Technical Assistance for Establishment of an Upgraded Food Safety Law and Control Mechanism (National Food Safety and Standard Authority) to Ensure Food Safety in Sri Lanka.
