Sri Lankan President Gotabaya Rajapaksa has decided to remove the 14% income tax imposed on the profit earned by the gem and jewelry manufacturers and the 15% tax on gold imports, President’s Media Division said.

The income tax concession given to the gem and jewelry industry since 1971 was done away with under the income tax policy introduced in 2017. This created a situation where the actual income earned from the export of gem and jewelry could not be disclosed.

In 2018, a 15% tax was imposed on gold imports. This has resulted in jewelry prices going up. President pointed out the necessity of removing relevant taxes immediately and to take steps to uplift the gem and jewelry industry.

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