Colombo, Oct 17 : A Sri Lanka panel has opposed the “unprecedented tax concessions”
given to HCL Technologies (HCL) and says its agreement with John Keels Holdings (JKH)
should be reviewed.
The Island newspaper on Monday quoted Committee on Public Finance (COPF) Chairman and
SJB MP Dr. Harsha de Silva as saying this.
He made the demand in view of the imposition of a controversial 30 per cent tax across the
board on companies in the exports sector with effect from November 1.
Dr de Silva emphasised that a reappraisal was necessary as the proposed tax would be imposed
in line with the recent staff-level agreement reached with the International Monetary Fund
(IMF), the report said.
Noting that the agreement hadn’t been tabled in Parliament yet, the Colombo District MP said
that India-Sri Lanka joint enterprise cannot be granted special status when the country was in
dire straits.
Dr. de Silva said the economy was in such a bad shape that the whole process of granting
concessions to investors should be re-evaluated.
Failure to do so could trigger public protests at an unprecedented scale, he warned
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