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15% import duty on Gold creates more room for smuggling: Bandula

19 April 2018 10:00 pm - 10     - {{hitsCtrl.values.hits}}

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The government’s decision to increase the import tax on Gold by 15% would only create more room for illicit ways to smuggle gold to Sri Lanka, Joint Opposition Member MP Bandula Gunawardana accused.

Addressing a news conference, he stressed that increasing the amount of tax rates on goods like Gold would be of no use because when tax is imposed on such goods, the smugglers tend to import them illegally so that the government would not be able to accumulate its tax revenue as expected.

“It was not only the increased tax amount of 15% that the importers have to afford but also the costs like National Building Tax and custom duties are also linked to the tax,” MP Gunawardana said.

“The selling price of a gold sovereign is recorded as Rs.55,000. As a result of the tax increase, the customers will have to bear an additional Rs.8,000 or more to buy jewellery” MP Gunawardana added.

He said increment of tax would not amplify the Govt's revenue but would only create tendency among those who smuggle gold to import them in illegal means. (Sheain Fernandopulle)

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  Comments - 10

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  • DN Thursday, 19 April 2018 10:12 PM

    Removing the tax is not the way of preventing smuggling. Based on this argument what will happen if the govt. remove the tax on liquor and cigarette.

    Nirmal Thursday, 19 April 2018 10:34 PM

    This the one and only valid point by this man for whole tenture in JO

    Dee Thursday, 19 April 2018 10:52 PM

    So. Is your economic mastermind suggesting that all imports be tax free? Is that your solution for a family to live on 2500/- per month? This guy is an insult to economics.

    Stunned Citizen Thursday, 19 April 2018 10:55 PM

    Just because you have a mouth doesnt mean you should open it always like your other orifice

    Nilhan Friday, 20 April 2018 05:03 AM

    This person said family can live with Rs 2500 per month, he has answers for every problem.Verry funny man.

    Dennis Reeves Friday, 20 April 2018 11:02 AM

    This time fellow said something worth.

    Massdeen Friday, 20 April 2018 05:08 AM

    Exactly by increasing taxes like this will help smugglers and Govt won’t benefit at all, Govt should cut down the expenses on Politicians

    K.P. Keerthi Amarathunga Friday, 20 April 2018 11:01 AM

    True Bandula, after a long spell now you speak with sense.

    A H M Faiz Friday, 20 April 2018 06:31 PM

    Who want to invest on Gold, 15% Custom Duty is fine. it will be cheaper than purchasing locally. . When a person want to purchase a gold Jewelry , the Jeweler say 1 Sovereign is Rs. 48,000/= but this 24 Carats. But the Jewelry is made out of 22 Carats, so this price has to come down, instead the Jeweller charges the same Price as for 24 Carat Price plus another 20-25% as workmanship. that is @ 20% = 9600 that adds upto 57,600/= for 22 carats. Why can't the importer pay the 15% Tax and bring down their Profit margin, even now the consumer is paying more than 15% for 22 Carat Jewelry to the Importer.

    Dee Friday, 20 April 2018 07:53 PM

    You should take his seat. But certainly you won't be able to make a family live with 2500/- per month.


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