The Investor Sentiment - Equity and investments forum for Sri Lankans
The Investor Sentiment - Equity and investments forum for Sri Lankans
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Please send an email to contact.lankaninvestor@gmail.com if you face any technical difficulties when posting
Search
Display results as :
Advanced Search
Latest topics
Plantation Sector UpdatesTue Oct 20, 2020 3:11 pmslstock
HAYC - HaycarbFri Oct 16, 2020 12:55 amsubash
LWL.N0000 (Lanka Walltiles PLC)Fri Oct 16, 2020 12:50 amsubash
CSE Daylight Robbery !Mon Sep 21, 2020 9:54 pmYin-Yang
Trading Journal Tue Sep 15, 2020 10:37 pmThe Invisible
AEL Access EngineeringTue Sep 15, 2020 7:24 pmsmallville
CFVF - First CapitalWed Sep 09, 2020 9:42 pmWonderer
අනං මනං! #/+?.<>Tue Aug 18, 2020 11:15 pmYin-Yang
Dividend AnnouncementsMon Aug 17, 2020 1:27 pmRana
Ceylon Tobacco CTCSun Aug 16, 2020 5:11 pmThe Invisible
Sunshine HoldingsFri Aug 14, 2020 9:39 pmThe Invisible
Disclaimer


Information posted in this forum are entirely of the respective members' personal views. The views posted on this open online forum of contributors do not constitute a recommendation buy or sell. The site nor the connected parties will be responsible for the posts posted on the forum and will take best possible action to remove any unlawful or inappropriate posts.
All rights to articles of value authored by members posted on the forum belong to the respective authors. Re-using without the consent of the authors is prohibited. Due credit with links to original source should be given when quoting content from the forum.
This is an educational portal and not one that gives recommendations. Please obtain investment advises from a Registered Investment Advisor through a stock broker

Go down
sashimaal
sashimaal
Top contributor
Top contributor
Posts : 5785
Join date : 2014-02-28

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

on Wed Feb 08, 2017 11:17 pm
Message reputation : 100% (1 vote)
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)
avatar
yellow knife
Top contributor
Top contributor
Posts : 6808
Join date : 2014-03-27

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

on Thu Feb 09, 2017 7:23 am
Message reputation : 100% (1 vote)
Welcome the Ethiopian Development Model...

( Pictures save words )


Sri Lanka parliament lifts land lease tax on foreigners from Jan 08 Land-grab+Ethiopia+Meles+zenawi


Sri Lanka parliament lifts land lease tax on foreigners from Jan 08 Land_Grab_Life_Grab2


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


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

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


Sri Lanka parliament lifts land lease tax on foreigners from Jan 08 Images?q=tbn:ANd9GcQ_NaBi3FMWzXIVLyqdvupxDu-C0xOYmhV1iW2uGjy1FTdjthiFPw

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

Sri Lanka parliament lifts land lease tax on foreigners from Jan 08 Landgrab_zpsbf3a806c

Sri Lanka parliament lifts land lease tax on foreigners from Jan 08 1340986794542162002588785
sashimaal
sashimaal
Top contributor
Top contributor
Posts : 5785
Join date : 2014-02-28

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

on Thu Feb 09, 2017 8:00 am
Message reputation : 100% (1 vote)
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.
avatar
yellow knife
Top contributor
Top contributor
Posts : 6808
Join date : 2014-03-27

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

on Thu Feb 09, 2017 8:26 am
Message reputation : 100% (3 votes)
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
sashimaal
sashimaal
Top contributor
Top contributor
Posts : 5785
Join date : 2014-02-28

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

on Thu Feb 09, 2017 8:46 am
Message reputation : 100% (1 vote)
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 !
කිත්සිරි ද සිල්වා
කිත්සිරි ද සිල්වා
Top contributor
Top contributor
Posts : 8695
Join date : 2014-02-23
Age : 62
Location : රජ්ගම

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

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.

_________________
I am the wisest man alive, for I know one thing, and that is that I know nothing.
Socrates
avatar
yaka
Posts : 374
Join date : 2014-02-28

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

on Thu Feb 09, 2017 10:39 am
Message reputation : 100% (1 vote)
shashi,

what good those foreign own hotels have brought to the country?
sashimaal
sashimaal
Top contributor
Top contributor
Posts : 5785
Join date : 2014-02-28

Sri Lanka parliament lifts land lease tax on foreigners from Jan 08 Empty No more tax on lease of land by foreigners

on Thu Apr 06, 2017 2:52 pm
Message reputation : 100% (1 vote)
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
avatar
lanka
Posts : 619
Join date : 2014-11-26

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

on Thu Apr 06, 2017 6:14 pm
Message reputation : 100% (1 vote)
Thanks, dear Sashi
avatar
Rajapaksap
Posts : 133
Join date : 2014-04-14

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

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?
Back to top
Permissions in this forum:
You cannot reply to topics in this forum