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.”.