President instructs to remove 15% import tax on gold

7 September 2020 05:10 pm - 12 - {{hitsCtrl.values.hits}}

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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)

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Comments - 12

Kamal Perera Monday, 07 September 2020 05:28 PM

How about finished products of Gold importation, is this only for Gold as a raw material?

Truth Monday, 07 September 2020 05:33 PM

No benefits for consumers? Only for the businesses

Saranga Walimuni Monday, 07 September 2020 06:24 PM

Business provide jobs Consumers will certainly benifits if you understand basic economics

Goldie Monday, 07 September 2020 07:51 PM

Oh no, we can eat cheap gold!!

Palitha Monday, 07 September 2020 08:01 PM

Tariffs push up prices. Their removal will reduce them.

Eichmann Bernhard (Germany) Monday, 07 September 2020 05:48 PM

To make the rich and the clan even richer

Samson Monday, 07 September 2020 05:56 PM

No benefit to the ordinary people, only to the well to do.

Nish Monday, 07 September 2020 06:06 PM

We need a Gem and Jewellery city in Ratnapura.

A Sri Lankan Monday, 07 September 2020 06:23 PM

Print more money to recover the loss of tax to the government?

Buddhist Monday, 07 September 2020 07:13 PM

What a joke, Gold in SL is more important than any imported food items as per SLPP Govt. Is this because its the easy tool to hide black money?

Eichmann Bernhard (Germany) Monday, 07 September 2020 07:23 PM

Thus, the clan can convert the jewelry into money.

charles dias Tuesday, 08 September 2020 10:59 AM

The looted jewelry from the North.

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President instructs to remove 15% import tax on gold

Comments - 12

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