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Under Sec.17 of the BOI Law, it is empowered to approve projects and enter into agreements with enterprises and to grant exemptions from laws such as Inland Revenue, Exchange Control and Customs, subject to fulfillment of the investment threshold or any other specified requirement.

Projects approved under Strategic Development Projects Act (SDP)

Tax exemptions are considered under the provisions of Strategic Development Projects Act No 14 of 2008 and its amendments for special projects which are in the national interest, likely to bring economic and social benefits to the country and capable of changing the land scape of the country, primarily through

  1. The strategic importance attached to the proposed provision of goods and services, which will be of benefit to the public ;
  2. The substantial inflow of foreign exchange to the country ;
  3. The substantial employment which will be generated and the enhancement of the income earning opportunities ; and
  4. The envisaged transformation in terms of technology.

The SDP Act covers full or partial exemptions from following legislation based on the nature of the investment on a case by case basis.

  1. The Inland Revenue Act, No. 10 of 2006
  2. The Value Added Tax Act, No. 14 of 2002
  3. The Value Added Tax Act, No. 14 of 2002
  4. The Excise (Special Provision) Act, No. 13 of 1989
  5. The Economic Service Charge Act, No. 13 of 2006
  6. Nation Building Tax Act No. 09 of 2009
  7. Port & Airports Development Levy Act No. 18 0f 2011
  8. Customs Ordinance (Chapter 235)
  9. The Sri Lanka Export Development Act No. 40 of 1979
  10. The betting and gambling levy Act No. 40 of 1988

When receiving incentives and other benefits eligible for investors, there is no discrimination between local and foreign investors if they invest in Sri Lanka under Section 17 of BOI Law or Strategic Development Projects Act

Sourced by : http://www.investsrilanka.com/setting_up_in/section_16_17_sda

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