2. Insertion of new section 5A in Act…

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

The following new section is hereby inserted immediately after section 5 of the Land (Restrictions on

Alienation) Act, No. 38 of 2014 and shall have effect as section 5A of that Act:—

5A. Notwithstanding anything to the contrary in any of the provisions of this Act, the provisions relating to the Land Lease Tax shall not apply to a lease of any land—

(a)

to a foreigner; or

(b)

to a company incorporated in Sri Lanka under the Companies Act, where any foreign shareholding in such company, either direct or indirect, is fifty per cent or above; or

(c)

to a foreign company, under and indenture of lease executed on or after January 8, 2017, and accordingly the Land

Lease Tax shall not be charged, levied or collected from any such person or company on or after such date.”.

Read on from s 3