Sri Lankan government exempts several state institutions from taxes for five years

The Sri Lankan government in its budget proposals for 2011 has exempted several key state institutions from taxes for a period of five years.

President Mahinda Rajapaksa delivering the budget proposals today said that the Ceylon Electricity Board, Ceylon Petroleum Corporation, Sri Lanka Ports Authority and the National Water Supply and Drainage Board will be exempted from taxes for five years to help these institutions get their finances on track.

However, these institutions are expected to give 25% of its income to the Treasury.