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Land lease to foreigners face restrictions
View(s):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.
The Bill also provides for the granting of concessions to certain development projects. The legislation is being introduced in furtherance of the development policies being promoted by the Government in the backdrop of a globally integrated environment. “It is deemed expedient and necessary to ensure the prudent use of land which is a limited resource; in a manner that preserves the national interest,” the Bill states.