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Sri Lanka gives tax breaks for renewable energy

Sharhan Muhseen and Raja Senanayake

Nov 09, 2012 (LBO) - Sri Lanka has cut taxes on renewable energy equipment and given accelerated depreciation allowances for renewable energy investments and given tax holiday for wood based energy crops. Industries investing in renewable energy which will cover up to 30 percent of their needs would be given lump sum depreciation for tax purposes.

President Mahinda Rajapaksa presenting a budget for 2012 said Sri Lanka wanted to reduce imported petroleum use and promote renewable energy.

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"In this background, it is necessary to encourage the exploration of remaining hydro potentials, solar and other renewable energy sources," he said.

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Import taxes on solar panels and other renewable energy equipment not made in Sri Lanka would be cut and income tax reduced to 12 percent.

Profits from crops grown for dendro (wood based) energy would be exempt from income tax for 10 years.

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