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Sri Lanka unveiled draft legislation for a Colombo Port City Commission which allows for sweeping tax breaks, tax-free salaries and be an offshore financial centre
Earlier this month US Ambassador had warned the country of unintended consequences of `nefarious actors` who may try to misuse a Colombo Port City`s easy business rules
Colombo: Amid the controversy surrounding the China-backed Port City in Colombo, Sri Lanka Minister of Justice Ali Sabry has said the government owns 100 percent of the land and the project has been initiated to bring investment in the special financial zone.
Addressing a media briefing on Sunday (April 18), Minister Sabry said the total area of the investment zone is 269 hectares and 91 hectares for public facilities and cannot be given to the project company, The Colombo Page reported.