Authority to give tax concessions removed from BOI

Wednesday, 27 April 2016 00:40 - - {{hitsCtrl.values.hits}}

Prime Minister Ranil Wickremesinghe yesterday said the authority to give tax holidays would be removed from the Board of Investment (BOI) and given to the Finance Ministry under fresh measures to streamline investment.

Wickremesinghe pointed out that under the present system the BOI was unaware of the economic impact of the tax holidays or concessions given to investment projects, prompting the Government to bring tax concessions and economic planning under the Finance Ministry.

“We will appoint a committee with the Finance Ministry Secretary to decide tax concessions in the future. The Finance Minister will be responsible to Parliament about the taxes that are levied on investment projects,” he said.