Thursday, 20 June 2013 01:06
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Taking an unusually tough stance the Investment Promotion Minister has told Krrish to pay up before 15 July or risk losing tax concessions that could be granted under the Strategic Development Act in Parliament.
Investment Promotions Minister Lakshman Yapa Abeywardana stated that while 84% of the US$ 460 million project has been paid he had told the investors to complete the transaction by 15 July or risk tax concessions that can be bestowed upon it.
The practice is for any project investing above US$ 250 million to receive tax and other concessions by being put under the Strategic Investment Act, which would then be approved by Parliament.
“We have charged them 12% interest on the previously delayed payments. If they fail to meet the 15 July deadline then we will charge them a further 12% interest and refuse it concessions eligible under the Strategic Investment Act. However, the project can still continue,” he said.
Krrish had originally agreed to complete payment by 15 January.
