Sri Lanka Investment Guide 2019

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Sri Lanka gives deed of reclaimed land to China firm

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Sri Lanka gives deed of reclaimed land to China firm Wednesday October 30, 2019  ECONOMYNEXT – Sri Lanka’s President Maithripala Sirisena has handed over the deed for to a lease of land reclaimed by a Chinese company, to be sublet for investors who planned to build on the property. The land was reclaimed by  CHEC Port City Colombo , a Sri Lanka incorporated unit of China Communications and Construction Company (CCCC) group. The port city will help the long term development of Sri Lanka and draw foreign investments to the country, President Sirisena had said. He said concerns over sovereignty originally raised about the project had been addressed by re-negotiating the deal. The newly reclaimed land was first vested in the state-run Urban Development Authority, which had in turn sub-let the land to China Port City Colombo. The lease deed was handed over the CHEC Port City Managing Director Jiang Houliang, on October 29. (Colombo/Oct30/2019) https://eco...
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Opinion: Are apartment developers moving to suburbs?

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Opinion: Are apartment developers moving to suburbs? LankaPropertyWeb’s (LPW) With  Colombo city  turning into a business hub more than a residential area, recent studies of LankaPropertyWeb (LPW) show that apartment developers are now exploring the suburbs to cater to the growing interest for vertical living amongst the locals. The numerous developments taking place in the main city resulting in diminishing space amongst  houses for rent in Colombo  and reducing demand for  houses for sale in Colombo  has in fact contributed to this interest largely. The rising population in the country and the changing lifestyles of people has also further influenced the number of  apartments for rent  and condominium construction taking place in the city. However, over the years such constructions taking place within the inner city of Colombo (i.e. Colombo 1-15), has continued to decrease in number. Condominium projects from 2014 – 201...
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Sri Lanka cuts VAT on apartments to 6-pct, small condos exempted

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Sri Lanka cuts VAT on apartments to 6-pct, small condos exempted Thursday October 24, 2019 06:58:10     ECONOMYNEXT – Sri Lanka has cut a value added tax on condominiums to 6 percent and has exempted small apartments priced below 25 million rupees. The input credit for condominiums will be deemed to be 5 percent. VAT will not be charged if the unit price is below 25 million rupees. VAT will also not be charged where the agreement to sell was executed under the Notaries Ordinance before the VAT Amendment Act became effective, or where certificates of conformity was obtained before the effective date. Goods supplied by contractors for projects abroad will be considered exports. VAT payments dates will be the 20th of the month following the month relevant month end. In other changes to the VAT Act, the piece rate tax applicable to the domestic sale of garments by BOI companies will be raised to 100 rupees from 75. Rice bran oil made out of domestic r...
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