16. Concessions for Development Projects

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Where a State land is transferred or leased to a project approved by the Cabinet of Ministers as a Development

Project to which freehold right or leasehold right of the State land to be transferred, such project shall be granted a deduction amounting to twenty-five per cent of the land value or total lease rental, determined under section 13:

Provided that, any such Development Project shall be implemented by—

(a)

a citizen of Sri Lanka; or

Land (Restrictions on Alienation)

(b)

a company incorporated in Sri Lanka under the

Companies Act, where fifty per cent or above of its shareholding is held by citizens of Sri Lanka.

Read on from s 17