February, 25, 2014
It is revealed that the tax concessions for the recent controversial multi- development hotel project in Colombo with Australian businessman James Packer’s involvement and two other multi-development projects have received Cabinet approval.
This comes to light when the gazette notifications issued by the government on projects undertaken by Lake Leisure Holdings involving James Packer and the multi-development projects Waterfront Properties undertaken by the John Keells Group and Queensbury Leisure Limited involving prominent businessman Dhammika Perera are considered.
The government has decided to grant an institutional tax holiday and import tax concessions for these projects.
While James Packer’s proposed multi-development project is to be located opposite Lake house in Colombo, the funds proposed to be invested on this project is some US dollars 400 million.
A prominent Sri Lankan businessman Ravi Wijeratne is the local business partner in this venture.
Around US dollars 650 million is proposed to be invested on the first phase of the multi-development project to be launched by John Keells at Glennie Street in Colombo while the investments for the entire project is estimated to be nearly US dollars 820 million.
Around US dollars 300 million is proposed to be invested on the multi-development project of Queensbury Leisure Limited involving businessman Dhammika Perera while it has been revealed that at least 80 percent of this would be foreign investments.
This project would be on an extent of leased land along D.R. Wijewardene Mawatha in Colombo.
While there is an increase on tourist arrivals into Sri Lanka, these projects are aimed at providing enhanced facilities to these tourists.