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Jan. 24 (LBO) – Sri Lanka’s Board of Investment Tuesday dished out several tax incentives, encouraging investors to set up 300 new factories in rural regions of the country. Jan. 24 (LBO) – Sri Lanka’s Board of Investment Tuesday dished out several tax incentives, encouraging investors to set up 300 new factories in rural regions of the country. The project open to local and foreign investors, tries to take development outside of the rich Colombo and Gampaha districts to under-developed regions of the country.

The BOI incentives include tax holidays on corporate income for five to ten year periods, depending on how difficult the location is to set up in.

Other incentives include relief from income tax on the sums invested, low interest loans as well as duty free imports on plant and machinery for the project.

“The BOI will also set up a one stop service centre to assist in location of land and provision of infrastructure facilities,” Professor Lakshman Watawala, Chairman and Director General of the BOI, said on Tuesday.

State owned Bank of Ceylon has said it will launch a special loan scheme for the project by early February.

Over 100 companies have