Sri Lanka’s port city to offer duty free shopping in April

Truth Hurts

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  • Jun 15, 2013
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    ECONOMYNEXT – Duty free shopping will be available in Colombo soon, the Belt and Road Initiative Sri Lanka (BRISL), an international development organization, has said.

    “Colombo Port City duty free shop will be opened in April,” BRISL announced on social media platform X (twitter) on Monday (19).

    There was to be a 5,000 US dollar allowance for returning Sri Lankans and any amount for foreigners, according to concessions gazetted on May 29.

    “The Port City Commission listed up 200-300 items that would be made duty free, to be sold at -the new downtown duty-free complex, which should also have a 25 percent tax holiday, in addition to being duty free,” opposition legislator Harsha de Silva, who was chairman of the parliament’s Committee on Public Fiannce told an economic forum organized by Colombo-based Advocata Institute, earlier this month.De Silva questioned the legislation.

    The Colombo Port City Economic Commission Act No 11 of 2021 was given the authority to grant tax incentives within the Chinese-built Colombo Port City.

    The Port City area will be ‘dollarized’ and permitted to use multiple currencies, protecting its businesses and other denizens from the central bank’s policy rate, through which forex shortages and currency depreciation is triggered. (Colombo/Feb19/2024)