In the future only the Finance Ministry which is collecting revenue will give tax concessions," Prime Minister Wickremesinghe told reporters.
Suspending BoI tax breaks is believed to be a 'prior action' under a deal with the International Monetary Fund which is expected to be announced shortly.
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If no tax holidays can we attract external investors to start export business in Sri Lanka ? He said concessions will be with limited facilities available in Inland rev act.
With this decision workload of BOI may go down drastically.
Some Asian countries offer Tax holidays.