Ernst & Young TAX Principal Shehani Paranavitane explained the Act and the vast opportunities it offers in terms of fiscal and other exemptions to foreign investors investing in Port City Colombo. CHEC Port City Colombo Director Sales and Marketing Yamuna Jayaratne detailed out the unveiling investor opportunities within the Port City Colombo. During her presentation, Jayaratne explained how the idea of Port City came about back in 2010 as an outcome of Colombo South Port Expansion. Port City Colombo provides a world class city not only for Sri Lanka but for the whole of South Asia. 11 of 2021 (“The Port City Act”) Paranavitane of Ernst & Young highlighted that with the enactment of the Port City Economic Commission Act, the framework is in place in terms of ease of doing business, tax concessions, safeguarding of investor capital, and on expedited dispute resolution mechanisms.

Source: The Nation August 01, 2021 19:30 UTC