Sri Lanka will scrap the 100% tax on foreigners buying land, to promote foreign investment and tourism. The Government instead plans to introduce a special land tax in the 2012 budget removing existing barriers in the sale of land to foreigners and foreign companies to develop land in any part of the country. This will bring more revenue to government coffers, Finance Ministry sources said.
The expanding Cargills Group, on the back of launching its biscuit range, is exploring the possibility of producing wines through its Three Coins beer company acquired seven months ago, officials said.
