Home / Knowledge / News / Textiles / Sri Lankan govt to remove customs duty on yarn
Sri Lankan govt to remove customs duty on yarn
24
Nov '11
With a view to stimulate expansion of the country's textile sector, Sri Lankan Government has decided to withdraw customs duty on yarn from January 2012.

The Government has also resolved to end Value Added Tax (VAT) on import of machinery required in textile manufacturing to enhance the country's production capacity and boost export potential.

Releasing the Government's new Budget Plan for 2012 in Sri Jayawardenapura-Kotte, President Mahinda Rajapaksa announced a series of new fiscal policies and taxation measures with the objective of boosting exports and strengthening the country's economy.

The measures include devaluation of Sri Lanka's national currency by three percent in order to increase the nation's global competitiveness and boost export volumes.

Presenting a rough draft of the plan, Mr. Rajapaksa said while leaving behind the decades of negative economic policies and social inequalities, Sri Lanka is moving forward to trail on a progressive path heading towards developing an open economy.

The President further said that implementation of the new policies would also be intended at encouraging establishment of new business, while offering tax breaks of up six years to enterprises set up in the export or import substitution sectors. This tax break would be available to the firms with preliminary capital investments of not more than LKR 300 million, while large firms with investment of not more than LKR 2.5 billion may be granted tax holidays of up to 12 years.

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 21st Jul 2017

Walmart opens new fulfillment centre in Davenport

Walmart has opened a new e-commerce fulfillment centre in Davenport,...

Courtesy: ITMF

Textiles | On 20th Jul 2017

ITMF'17 themed on tech, trade, climate in disruptive times

The International Textile Manufacturers Federation (ITMF), an...

Textiles | On 20th Jul 2017

RIL’s Q1 FY18 petrochemicals revenue up 22.9% y-o-y

Reliance Industries Limited (RIL) has reported its financial...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X