Sri Lanka Cancels VAT on Diamonds, Gems
Sri Lanka canceled the 15 percent VAT imposed on rough and polished diamonds, gemstones, and precious metals. Industry incentives are planned for next year.
“We have taken a bold step forward in the right direction to make Sri Lanka the hub in the Gem Industry,” said Advanced Technology and National Enterprise Development Minister Rohitha Bogollagama.
Next year’s budget will include incentives to the industry, he said at a press conference in Colombo, adding that it will boost the local gem trade.
More: idexonline.com