President Gotabaya Rajapaksa has today instructed to remove the 15% import tax on gold and the 14% income tax on the profits of gem and jewellery manufacturers, the President's Media Division said.
It said the income tax concession given to the gem and jewellery industry from 1971 was removed from the income tax policy introduced in 2017.
"In 2018, a 15% tax was imposed on gold imports. These taxes have caused the prices of jewellery to go up. The President pointed out that the relevant taxes should be removed immediately and steps should be taken for the betterment of the gem and jewellery industry," the PMD said. (Lahiru Pothmulla)