The government has decided to grant tax concessions of up to 10 years for investments in strategic development projects in the tourism, manufacturing, and agriculture sectors.

The relevant order has been issued by President Anura Kumara Dissanayake in his capacity as Minister of Finance, Economic Stabilization and National Policies, according to reports.

Under the new directive, tax incentives will be offered for investments ranging from US$ 50 million to US$ 300 million. The Ministry of Finance, Economic Stabilization and National Policies stated that eligible projects must generate at least 50 local employment opportunities.

It has been proposed to grant corporate income tax exemptions for a period of five to ten years for qualifying investments. In addition, tax concessions will be provided for the importation of capital goods and construction materials required for the implementation of these projects, the Finance Ministry said.