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Monetary Board to grant exemptions for exports registered as ‘Strategic Development Projects’
View(s):A fresh gazette issued by the Central Bank of Sri Lanka (CBSL) on Friday mandating the repatriation of export proceeds gives the Monetary Board discretion to grant exemption from the rules in respect of exporters of goods and services registered as ‘Strategic Development Projects’ with the Board of Investment (BOI).
The CBSL first issued a gazette in October 2021 requiring the repatriation of export proceeds into Sri Lanka and conversion on or before the seventh day of the succeeding month.
Retention and use of such proceeds were only permitted when they were outward remittances in respect of current transactions, withdrawal in foreign currency notes, as permitted, debt servicing expenses and repayment of foreign currency loans, purchases of goods and obtaining services including one-month commitments and payments in respect of making investments in Sri Lanka Development Bonds in foreign currency up to 10% of the export proceeds, so received.
A new gazette issued on Friday closely followed the original regulations but included a provision that said: “The Monetary Board may, at its discretion, grant exemptions to any or all of the requirements under these rules only in respect of exporters of goods and/or services registered as ‘Strategic Development Projects’ with the Board of Investment of Sri Lanka under the Strategic Development Projects Act, No. 14 of 2008, as amended, on a case-by-case basis.”
The Strategic Development Projects Act already grants up to 25 years of sweeping tax exemptions for “identified strategic development projects.”
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