Monday, 9 July 2012

Sweeping tax concessions for massive project in Fort

A five-acre extent of land has been allocated to operate a mixed utility complex including a luxury hotel in Colombo Fort under the Strategic Development Project initiated by the Government.The project will be operated by the WelcomHotels Lanka (Pvt.) Ltd. under an agreement entered into by the Board of Investment in May this year.
The total investment on the project is US$ 140 million (about Rs 18 .6 billion). It has been identified as a project of national interest that will bring economic and social benefit and change the landscape of the country.The project company has initially deposited into the account of the Deputy Secretary to the Treasury (Urban Development Fund) an upfront Lease Premium of US$ 73. 5 million (around Rs. 9.8 billion).
(Source: Sunday Times)

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