Mandatory conversion of export proceeds to be strengthened

The Central Bank Governor Ajith Nivard Cabraal said the repatriation and conversion rules on exporter earnings would be strengthened going forward.

The Central Bank maintains that a large portion of export earnings is not being repatriated and converted as despite the recent rules to that effect.

Cabraal said the Central Bank would request the government to tax the earnings of the exporters of those who don't repatriate and convert their earnings at the rate of 28 percent instead of the current concessionary rate of 14 percent applied to all exporter earnings across the board.