News
Legislation next
Parliament will next week pass legislation to restrict alienation of lands in Sri Lanka to foreigners, foreign companies and certain institutions with foreign shareholding.
Chief Government Whip Dinesh Gunawardena said the concerns that were raised by several companies after the Bill was presented to the House last month had been addressed.
“Their concerns have been cleared. There were some misinterpretations about the provisions of the Bill but the Finance Ministry has addressed those concerns,” the Minister said. He said the Bill would be taken up for debate on October 20, just days before the Government presents its Budget for 2015.
The Bill is titled Land (Restrictions on Alienation) Act and makes provision to impose a land lease tax for leasing of lands to foreigners and foreign companies but also specifies instances where exemptions can be granted in this connection. It also provides for the granting of concessions in the disbursement of land for certain development projects. The Government says the legislation is being introduced in furtherance of the development policies it is promoting 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.week to restrict
land to foreigners