China’s Largest Sri Lanka Investment Fails to Win Tax Breaks
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China’s $1.4 billion plan to build a city on reclaimed land near Colombo port faces its first tangible setback since new Sri Lankan President Maithripala Sirisena took power last month.
Lawmakers failed to approve a 25-year tax holiday proposed by the previous administration for the Colombo Port City before a deadline on Tuesday, said Eran Wickramaratne, deputy investment promotion minister. The process must now be restarted if the project is to continue, he said.