Sri Lanka makes HCL Technologies eligible for tax breaks

ECONOMYNEXT – Sri Lanka has designated HCL Technologies Lanka (Pvt) Ltd, a unit of India’s HCL a strategic development project, making it eligible to get some of the lowest income tax rates, a government statement said.

Sri Lanka has also given tax free salaries for the highest earnings employees of SDA projects.

Sri Lanka sometimes also places restrictions on the number of expatriate employees on foreign invested projects.

Analysts have said instead of placing restrictions on foreign workers, which a newly setting up company in particular may require to get into operations fast, authorities should subject everyone to standard taxes and maintain rule of law.

HCL Technologies will invest 10.5 million US dollars and is expected to higher 2,450 locals and 1,050 foreigners.

HCL is also the anchor tenant of a large real estate project in Sri Lanka. (Colombo/Oct06/2021)

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