Chinese firm obtains tax relief to build tire manufacturing plant in Sri Lanka

Dec 08, 2020 (LBO) – Shandong Haohua Tire Co. Limited of China has submitted a project proposal to the Board of Investment with an investment of 300 million US dollars for the establishment of a project within the premises of Hambantota international harbour for manufacturing semi-steel radial tires and total steel radial tires for the export market.

The board of investment has given its consent for the implementation of this project as a strategy development project under the Strategy Development Act (Amended) No. 14 of 2008.

Accordingly, the Cabinet of Ministers approved the resolution forwarded by the Prime Minister as the Minister of Finance for awarding relevant tax relief as per the provisions furnished by the strategy development act subject to the inauguration of the project within a period of 36 months and export at least 80% of the total production.