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Sri Lanka Equity Forum » Stock Market News » Sri Lanka gives tax breaks for sporting events, racing cars

Sri Lanka gives tax breaks for sporting events, racing cars

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Redbulls

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Director - Equity Analytics
Director - Equity Analytics

Nov 08, 2012 (LBO) - Sri Lanka will cut taxes on racing cars and give valued added and turnover based tax relief to sports related economic activities according to a budget for 2013 presented to parliament.

President Mahinda Rajapaksa who is also finance minister said in a prepared budget speech that the foreign income from sports activities is estimated to be around 50 million US dollars a year and it was expected to be raised to 500 million US dollars by 2016.

"The recent international sports events conducted in our country demonstrated great potentials in developing a sports economy," President Rajapaksa said.

"This requires us to sponsor all season sport activities to attract international sports and stakeholders participating in such events."

Excise duty on imported racing cars and go karts will be axed.

The tax cut for racing cars come shortly after taxes on cars used by ordinary Sri Lankans were jacked up.

A restriction on deducting 25 percent of advertising expenses will not apply to sponsorship of international sports events approved by the minister to sports. The concession will be applicable from August 01, 2012.

The supply of hotel accommodation to any sportsman, organizer of any sports event or sponsor arriving in Sri Lanka for participating in any sport event or activity in connection with sport will be exempt from VAT.
http://lbo.lk/fullstory.php?nid=1748153534

smallville

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Associate Director - Equity Analytics
Associate Director - Equity Analytics

foreign income from sports activities is estimated to be around 50 million US dollars a year and it was expected to be raised to 500 million US dollars by 2016.

"The recent international sports events conducted in our country demonstrated great potentials in developing a sports economy," President Rajapaksa said.

"This requires us to sponsor all season sport activities to attract international sports and stakeholders participating in such events."


Exactly.. We have formula 1 standard race tracks so why dont we? Twisted Evil


Excise duty on imported racing cars and go karts will be axed.

The tax cut for racing cars come shortly after taxes on cars used by ordinary Sri Lankans were jacked up.


How abt introducing bullock karts and tax those for a change?

econ

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Global Moderator
So anyone knows what are the racing cars that can be imported without tax?


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Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Redbulls wrote:

"The recent international sports events conducted in our country demonstrated great potentials in developing a sports economy," President Rajapaksa said.

"This requires us to sponsor all season sport activities to attract international sports and stakeholders participating in such events."


කිතුලට නැගපු මිනිහටත් කියන්න දෙයක් තිබුනලු....

UAEBOY

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Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
THE CARLTON SUPER CROSS- BUDGET 2013

malanp


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Are all sporting goods are exempt from tax?

sri lanka earns good amount of foreign exchange from cricket tournamants, I dont know whether cricket equipments are exempt from tax..i dont think so..

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