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Friday, 31 December 2010 03:06 - - {{hitsCtrl.values.hits}}

Cabinet decides to end 1% construction levy by UDA

In a bid to promote entrepreneurship the Cabinet has given approval to suspend the 1% construction levy charged by the Urban Development Authority (UDA).

“The government intends to increase total investment by 40% within the next decade and understand that about 30% of this must come from the private sector,” Media Minister Keheliya Rambukwella told media yesterday. “Therefore Cabinet decided to suspend the 1% construction levy for projects. At present all construction other than houses is subject to this charge.”

The relevant gazette notification has also been repealed following the Cabinet decision. It was first released on 27 February 2008.