Sri Lanka to give tax breaks to run sports venues

Nov 21, 2011 (LBO) – Sri Lanka will give tax breaks to run sports venue and make incomes of foreign trainers tax free, president Mahinda Rajapaksa said in a budget for 2012 presented in parliament. “Our country has already achieved world repute in cricket, and several other sports,” the text of a budget speech said.

“School children and youth should be encouraged towards pursuing sports.

“The economy can be fed by projecting our country as a sports hub in the region providing sports related services and goods.”

Interantional stadia have already been built at Diyagama, Kundasale, Sooriyawewa and Dambulla. President Rajapaksa said 500 million rupees in tax money will be used to built more facilities including a stadium in Jaffna and expanding a sports complex in Colombo.

Profits and income from managing any sport ground , stadium or sport complex will be free of tax and orofits and income of a foreign trainer of any sport, will also be exempted from tax.

Sri Lanka Cricket, the body administration is in debt and has been wracked in scandal. The military has taken over the running of some venues.

The import of sports footware would also be allowed duty free.