Monday, 15 September 2014

Land lease to foreigners face restrictions

Parliament will take up for debate the Land (Restrictions on Alienation) Bill next week. The Bill that was presented to Parliament land Tuesday stipulates retractions on the alienation of lands in Sri Lanka to foreigners, foreign companies and certain institutions with foreign shareholding. It also specifies instances where exemptions can be granted in this connection and makes provision to impose a land lease tax for leasing of lands to foreigners and foreign companies.

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(Source: Sunday Times)

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