Friday, 5 June 2015

Biz community renews calls for revised Land Act

Sri Lanka’s business community renewed their calls to revisit the controversial Land Act enacted by the former regime limiting foreigners and foreign-owned corporates to outright owning lands, as it acts as a major deterrent to lure the much-needed foreign direct investments (FDIs). 

“We are of the view that the ambiguity inherent in the Act and the uncertainty it creates as a result will be deterrents to capital formation and foreign direct investment in Sri Lanka and therefore, require urgent review,” John Keells Holdings PLC (JKH) Chairman Susantha Ratnayake said in his annual review. 

The Land (Restrictions on Alienation) Act was passed in Parliament last October limiting the purchase of land by foreigners and entities with over 50 percent of foreign ownership with retrospective effect from January 1, 2013. 


(Source: Daily Mirror)

No comments:

Post a Comment