Tax-free bonanza for Indian power project

The Government has granted full tax-free status for 25 years to the Indian-backed coal based power plant project at Sampur in Trincomalee. It will also be granted customs duty exemptions.

Economic Development Minister Basil Rajapaksa has also in a Gazette notification issued on September 6, declared the venture as a “strategic development project” under the Strategic Development Projects Act.

He has said that the 2 X 250 Megawatt power project will begin commercial operations within five years.
It was only last month Mr. Rajapaksa visited New Delhi where he discussed, among other matters, the power project.