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Sri Lanka president removes taxes for gems, gold

Christian Fernsby ▼ | September 9, 2020
Sri Lankan President Gotabaya Rajapaksa has ordered the removal of taxes imposed on the profits earned by the gem and jewelry manufacturers and on gold imports to further strengthen the industries, local media reported Tuesday.
President Gotabaya Rajapaksa
Sri Lanka   President Gotabaya Rajapaksa
Accordingly, a 14-percent income tax imposed on the profit earned by the gem and jewelry manufacturers and a 15-percent tax on gold imports will be removed.

Topics: Sri Lanka

President Rajapaksa, in discussions with the State Ministry of Gem and Jewellery related Industries, said removing these taxes would uplift the country's lucrative industry.

State Minister Lohan Ratwatte also presented 14 proposals to resolve the issues pertaining to Sri Lanka's inability to become the global hub for gems.

The president was further informed at the meeting that unregulated and illicit gem mining was taking place in areas containing rich gem deposits of the Ratnapura District, in southwestern Sri Lanka, on a large scale.

He urged officials to immediately halt the gem mining activities that are carried out in a harmful manner to the environment as well as to remove barriers to the traditional gem mining industry.

The new Sri Lankan government, under President Rajapaksa, is aiming to boost exports this year as at least four state ministers have been appointed to develop key local products including gems.