Foreign coaches to gain from new Sri Lanka tax laws

Foreign coaches in Sri Lanka are all set to gain from new tax laws outlined in the government budget of 2012, officials said on Thursday.

The budget offered tax-free incomes to foreign sports coaches and also granted tax-free income to those managing sports stadia.

The tax break was included in President Mahinda Rajapakse's budget proposals, which were unveiled in the Parliament, on Monday, sports ministry officials said.

The officials also added, that the President wanted to project the country as a sports hub in the region and has thus decided to exempt all taxes for any company managing stadia.

The tax break move would immediately benefit former Australian batsman Geoff Marsh, who is Sri Lanka's cricket coach at present.

Rugby, President Rajapaksa's favourite sport, may also see appointment of foreign coaches over the years.