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SRI LANKA: Tax Incentives Approved for Eravur Textile Park Investors

15 July 2021



A slate of tax incentives for local and overseas fabric factories looking to set up in the Eravur Industrial Zone has been approved by the Cabinet of Ministers. The Zone, which is being built in the Batticaloa District on the east coast, is one of the initiatives approved under the terms of the country’s Strategic Development Projects Act. 

It is hoped that the planned fabric park will help the country develop and produce textiles for use in the local apparel industry, reducing its dependence on the imported materials that have to be paid for out of its scant overseas currency reserves. At present, Sri Lanka spends about US$2 billion on imported fabric use in its export and domestic apparel industry every year, with the majority of such items sourced from either China or India. 

The incentives on offer vary in line with the level of investment and number of employees for each individual project (see table below).

Level of Investment

Number of Employees

Initial Tax Break

Subsequent Tax Break

Up to US$10 million

150

5 years

50% for following two years

US$10 million-US$20 million

200

7 years

50% for following two years

US$20 million-US$25 million

300

8 years

50% for following three years

US$25 million-US$30 million

350

9 years

50% for following four years

US$30 million or more

400 or more

10 years

50% for following five years

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    Topics:
  • Garments, Textiles & Accessories,
  • Other Asian Countries,
  • Sri Lanka,
  • industrial park,
  • textile,
  • fdi
  • Garments, Textiles & Accessories
  • Other Asian Countries
  • Sri Lanka
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Article Topics

ARTICLE TOPICS

GARMENTS, TEXTILES...24676
OTHER ASIAN COUNTRIES36167
SRI LANKA36177
INDUSTRIAL PARK88751
TEXTILE75443

ARTICLE TOPICS

GARMENTS, TEXTILES & ACCESSORIES24676
OTHER ASIAN COUNTRIES36167
SRI LANKA36177
INDUSTRIAL PARK88751
TEXTILE75443
FDI80867

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