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Sri Lanka parliament lifts land lease tax on foreigners from Jan 08

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Sri Lanka parliament lifts land lease tax on foreigners from Jan 08

Post by sashimaal on Wed Feb 08, 2017 11:17 pm

ECONOMYNEXT - Sri Lanka's legislators approved changes to the land alienation law in Sri Lanka that removed a 15 percent nationalist tax on land leased to foreigners with effect from January 08, 2017.

Foreigners were barred from owning free hold land during the ousted Rajapaksa regime and the tax was imposed on leases during the ousted Rajapaksa regime.

Under changes, foreigners, foreign companies and locally incorporated companies with more than 50 percent foreign ownership will be allowed to lease land without a penal tax.

Sri Lanka earlier permitted freehold land sales to foreigners with a 100 percent tax.

The tax was one of a series of nationalist measures that was imposed by an assembly elected out of the popular vote which also included robbing language freedoms of the people after gaining self-determination from British rule. (Colombo/Feb08/2017)
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Re: Sri Lanka parliament lifts land lease tax on foreigners from Jan 08

Post by yellow knife on Thu Feb 09, 2017 7:23 am

Welcome the Ethiopian Development Model...

( Pictures save words )























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Re: Sri Lanka parliament lifts land lease tax on foreigners from Jan 08

Post by sashimaal on Thu Feb 09, 2017 8:00 am

Rubbish. Pictures say what you want to say !

Why land grab?

Now the price paid by foreigners to holders (domestic and foreign) ; land will go up and they will get a better deal.
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Re: Sri Lanka parliament lifts land lease tax on foreigners from Jan 08

Post by yellow knife on Thu Feb 09, 2017 8:26 am

Land price will go up... and the foreigners will buy these land and do activities which the locals could have done themselves...

The same happened in Ethiopia..

You who do not like to read the pictures as it is not in your line of thinking fail to understand what is happening in Ethiopia...

In Ethiopia and Indian firm is growing wheat, export it to India and UN buy wheat from India and donate it to dying Ethiopia..

look at the cartoon that says

" We bought it very cheap from Silly Africans...".. Though it is said to be land grab its a sales contract..

Shashi

Has China developed because they sold their Land ? How about Japan ? How about South Korea..?

Isnt it the locals did the development ?

Shashi

Why has the government prompted to sell land and live Today Only ? Because they have failed to attract FDIs and last year was one of the worst in attracting FDIs...

I kindly request you to read and listen to others who have opposing views or else prohibit people like me entering to this forum...

Thank You

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Re: Sri Lanka parliament lifts land lease tax on foreigners from Jan 08

Post by sashimaal on Thu Feb 09, 2017 8:46 am

YK,

Who is stopping locals from doing these activities now?

If foreigners get good land (and pay higher prices), the seller will hopefully do something better with it. Also if they pay high prices they must be having a business strategy.

Remember when they bought the seaside houses... They were crumbling but they started an entirely new business of high end boutique hotels, apartments.

So some poor person with ancestral land will get a proper price. At the moment some Colombo based rich family will buy it for a song.

This rich family knowing above situation will use the best and the easiest trumps to defeat it - NATIONALISM & Protectionism ! They will "fool" the poor with words that touch the heart, in order for them to remain rich !
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Re: Sri Lanka parliament lifts land lease tax on foreigners from Jan 08

Post by කිත්සිරි ද සිල්වා on Thu Feb 09, 2017 9:57 am

I think we should forget the political affiliation here on this issue.
This will have a direct impact on the food security in the country in the future.
One need not to look far, the history of Africa is giving enough reasons for us to be very careful on deals of this nature.
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Re: Sri Lanka parliament lifts land lease tax on foreigners from Jan 08

Post by yaka on Thu Feb 09, 2017 10:39 am

shashi,

what good those foreign own hotels have brought to the country?

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No more tax on lease of land by foreigners

Post by sashimaal on Thu Apr 06, 2017 2:52 pm

Land (Restrictions on Alienation) Amendment Act No. 3 of 2017 has been signed into law.

The amendment essentially removes the tax which was payable on the lease of land by foreigners effective from 8 January 2017.

Previously a standard rate of 15% was applicable while there was a concessionary rate of 7.5% as well.

According to the amending act, Land Lease Tax will not apply to the lease of land to the following parties on any indenture of lease executed on or after 8 January 2017:

(a) A foreigner.

(b) A company incorporated in Sri Lanka under the Companies Act, where any foreign shareholding in such a company, either direct or indirect, is 50% or above.

(c) A foreign company.


- See more at: http://www.ft.lk/article/608254/No-more-tax-on-lease-of-land-by-foreigners#sthash.Z2cjE23c.dpuf
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Re: Sri Lanka parliament lifts land lease tax on foreigners from Jan 08

Post by lanka on Thu Apr 06, 2017 6:14 pm

Thanks, dear Sashi

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Re: Sri Lanka parliament lifts land lease tax on foreigners from Jan 08

Post by Rajapaksap on Sun Apr 09, 2017 10:54 am

sashimaal wrote:Land (Restrictions on Alienation) Amendment Act No. 3 of 2017 has been signed into law.

The amendment essentially removes the tax which was payable on the lease of land by foreigners effective from 8 January 2017.

Previously a standard rate of 15% was applicable while there was a concessionary rate of 7.5% as well.

According to the amending act, Land Lease Tax will not apply to the lease of land to the following parties on any indenture of lease executed on or after 8 January 2017:

(a) A foreigner.

(b) A company incorporated in Sri Lanka under the Companies Act, where any foreign shareholding in such a company, either direct or indirect, is 50% or above.

(c) A foreign company.


- See more at: http://www.ft.lk/article/608254/No-more-tax-on-lease-of-land-by-foreigners#sthash.Z2cjE23c.dpuf


According to above local companies with no foreign equity 50% or more will have to pay tax? If 'yes' no level playing field. Is it?

Rajapaksap

Posts : 67
Join date : 2014-04-14

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