Indian Oil's Sri Lanka operations enjoys 10-year tax holiday: Lakshman Yapa Abeywardene

COLOMBO: Indian Oil Corporation's Lanka operations, LIOC, is enjoying a 10-year tax holiday, Deputy Economic Development Minister Lakshman Yapa Abeywardene said today.

Responding to query in the Parliament on the reason behind granting LIOC this tax break, he said: "The arbitration panel (in France) ruled that a tax amnesty should be granted for 10 years from 2003."

The Democratic National Alliance (DNA) MP Anura Kumara Dissanayake had asked the government "how come the LIOC came to enjoy a tax holiday when they used local resources?"