The government in a special communiqué, published by President Ranil Wickremesinghe in his capacity as the Minister of Investment Promotion on October 25, gazetted the requirements that need to be met in order to conduct duty-free retail business operations or duty-free shopping mall operations at the Colombo Port City.
The gazette stipulates that an investor is required to devote a minimum of USD 5 million to run a duty-free retail business and have international-level experience in duty-free trade operations.
Meanwhile, an investor needs to devote at least USD 7 million to run a duty-free shopping mall business. CPCEC that they have access to a range of high-quality luxury retail brand products. Prospective business investors will have three years to fulfill the requirements needed for them to be given tax exemptions lasting up to 20 years.
The post Requirements gazetted to conduct duty-free retail business at port city appeared first on DailyNews.