Sri Lanka further details tax breaks


The government detailed proposed tax breaks for casino hotel projects by Lake Leisure Holdings (Pvt.) Ltd., the planned joint venture between Crown Ltd. and the local Rank Holding (Pvt.) Ltd., and by John Keells Holdings PLC. New details include that rents paid by casinos in the properties will be exempt from tax for 10 years and then taxed at 6 percent for 15 years. Up to 30 expatriate staff will be allowed to receive their salaries tax-free for five years. Capital imports will be free of import duties. Gross gaming taxes will be set at 5 percent.