Sri Lanka : Gem sector to shine a VAT goes
With immediate effect, 15 percent Value Added Tax (VAT) on the imports and trading of rough, cut and polished gemstones , diamonds and precious metals, has been abolished, as per the decision taken by the Sri Lankan Cabinet.
The move is seen to transform Sri Lanka in to a gem industry hub, what with gem and jewellery exports for 2004 earning US $101.23 million for the country in 2004.
During the first half of 2005, gem and jewelry exports were recorded at US$44.80 million.
The sector is expected to cross tea and apparel sectors in export performance in the future with more value addition and creativity.
More: fibre2fashion.com