July 15, 2013 (LBO) – Planned restrictions on land ownership in Sri Lanka by foreigners may hurt industrial expansion in the country, an association representing some of the largest industries in the country said. “A number of our member and other large manufacturing companies in Sri Lanka are foreign owned,” Pravir Samarasinghe, head of the Industrial Association of Sri Lanka said.
Samarasinghe said IASL was “disturbed” to learn about the proposed 100 percent tax which would have “curtailed the entry” foreign entities to manufacturing and was “somewhat relieved” by exemptions proposed for long established firms.
“We appeal to the ministry and the secretary to prevail upon the authorities to also exempt BOI (Board of Investment) approved entities leasing premises in industrial estates from such taxes,” he said.
Samarasinghe, who was elected to a second term said the association had been successful in presenting its case for power tariffs and self generation.
The association had also made representations about widely different rates ranging from 5 to 30 percent charged on industrial property by different local authorities and are expecting authorities to pass legislation for uniform rates.