ECONOMYNEXT – Sri Lanka’s Damro group is in like to get sweeping tax concessions to build a 70 million US dollar luxury urban hotel in the capital Colombo, the state information office said.
The hotel to be built in Colombo 03, will have 652 rooms.
The project is promoted by Damro group company D R Home Appliances (Pvt.) Limited Piyestra Furniture (Pvt.) Limited and D.R. Industries (Pvt.) Limited.
The cabinet has given the nod for tax concessions under the Strategic Development Projects Act of 2008.
Under the SDA long term tax benefits can be negotiated. Damro is a furniture exporter and retailer of consumer durables and also runs plantations.
The group already has one hotel in Colombo, Marino Beach, with shopping mall. (Colombo/Feb23/2022)
