By Mario Andree
Ceylon FT: The Board of Investment has granted Sri Lanka's leading blue chip John Keells, extra tax concessions for its US$ 700 million integrated resort, over Australian gaming mogul James Packer's US$ 350 million project and local gaming king Dhammika Perera's US$ 200 million foreign direct investment project.
Minister of Investment Promotions Lakshman Yapa Abeywardena in three new Gazette notifications said that the local blue chip would be given a 10 year tax break and an additional 15 year partial tax break for its US$ 700 million integrated Project in Glennie Street.
Australian gaming kingpin James Packer has been give a 10 year tax break and an additional 12 year partial tax break for his and his partner Ravi Wijeratne's US$ 350 million integrated resorts in D. R. Wijeywardena Mawatha, while local gaming mogul Dhammika Perera too has been offered the same for his US$ 200 million project.
"Commencing immediately after the expiration of the aforesaid tax exemption period, there will be a partial tax exemption period of 15 years for John Keells Holdings, while 12 years have been given to James Packer and Dhammika Perera." "Dividends distributed to shareholders of the project companies during the tax exemption period of 10 years, and a further 1 year thereafter, will also be exempted from Income Tax."
The foreign direct investment of the JKH's waterfront properties will be US$ 300 million which shall be made within 60 months, while foreign direct investment on James Packer's and his partner's Lake Leisure Holdings would be US$ 350 million made within 48 months, while Dhammika Perera's Queensbury would invest US$ 200 million as foreign direct investment within 36 months.
http://ceylontoday.lk/
Ceylon FT: The Board of Investment has granted Sri Lanka's leading blue chip John Keells, extra tax concessions for its US$ 700 million integrated resort, over Australian gaming mogul James Packer's US$ 350 million project and local gaming king Dhammika Perera's US$ 200 million foreign direct investment project.
Minister of Investment Promotions Lakshman Yapa Abeywardena in three new Gazette notifications said that the local blue chip would be given a 10 year tax break and an additional 15 year partial tax break for its US$ 700 million integrated Project in Glennie Street.
Australian gaming kingpin James Packer has been give a 10 year tax break and an additional 12 year partial tax break for his and his partner Ravi Wijeratne's US$ 350 million integrated resorts in D. R. Wijeywardena Mawatha, while local gaming mogul Dhammika Perera too has been offered the same for his US$ 200 million project.
John Keells Holdings' and James Packer's project came under heavy criticism last year, when the Board of Investment, in three new gazettes issued recently, identified the three investments as "Project to set up and operate as Integrated Super Luxury Tourist Resort."
The two integrated projects by the two gaming moguls in their own pace have been given 48 months to commence commercial operations, while the local heavy weight has been given 60 months and an additional 36 months to complete its second phase.
"Tax shall not apply on the profit and income of the project companies which are generated from the activities of the project including sale, lease, rent proceeds of apartments, office and services spaces, room charges and rental income from all tenants, for a period of 10 years. This tax exemption period will commence, either from the first year in which the project companies make taxable profits or three years from the date of commencement of commercial operations.
The two integrated projects by the two gaming moguls in their own pace have been given 48 months to commence commercial operations, while the local heavy weight has been given 60 months and an additional 36 months to complete its second phase.
"Tax shall not apply on the profit and income of the project companies which are generated from the activities of the project including sale, lease, rent proceeds of apartments, office and services spaces, room charges and rental income from all tenants, for a period of 10 years. This tax exemption period will commence, either from the first year in which the project companies make taxable profits or three years from the date of commencement of commercial operations.
"Commencing immediately after the expiration of the aforesaid tax exemption period, there will be a partial tax exemption period of 15 years for John Keells Holdings, while 12 years have been given to James Packer and Dhammika Perera." "Dividends distributed to shareholders of the project companies during the tax exemption period of 10 years, and a further 1 year thereafter, will also be exempted from Income Tax."
The foreign direct investment of the JKH's waterfront properties will be US$ 300 million which shall be made within 60 months, while foreign direct investment on James Packer's and his partner's Lake Leisure Holdings would be US$ 350 million made within 48 months, while Dhammika Perera's Queensbury would invest US$ 200 million as foreign direct investment within 36 months.
http://ceylontoday.lk/
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