The Government has announced a new initiative to promote investment in key sectors by offering tax concessions of up to 10 years for strategic development projects in tourism, manufacturing, and agriculture.

The order was issued by President Anura Kumara Dissanayake, in his capacity as Minister of Finance, Economic Stabilization, and National Policies.

The new policy aims to attract significant investments to boost economic growth and employment.

Under this directive, eligible investments must fall within the range of US$50 million to $300 million.

Projects that qualify for the incentives are required to create at least 50 local jobs, ensuring that investments contribute directly to employment opportunities within the country.

Qualifying investments will benefit from corporate income tax exemptions spanning from five to ten years, depending on the nature and scale of the project. 

The tax concessions extend to the importation of capital goods and construction materials needed for implementing the projects, the Ministry of Finance stated.