Press briefing of Cabinet Decision taken on 2010-12-29

Removal of charges imposed under Urban Development Act in order to promote investment

- The government intends to increase the total investment during the next 10 years to exceed 40% and as such, required facilities have to be provided to encourage Private Local and Foreign Investors to make investments in the country. At present 1% of construction cost, other than for construction of houses, has to be paid to the Urban Development Authority. Cabinet approval was granted to do away with this 1% payment and repeal the relevant Gazette notification accordingly.