Sri Lankan Government Will Cancel Yarn Duty

In order to stimulate the expansion of the national textile industry, Sri Lanka The government has decided to cancel the yarn duty from January 2012.

The government also decided to put an end to the import of textile machinery by textile manufacturers in order to increase national capacity and increase export potential. Value added tax (VAT).

The government's new budget plan for 2012 announced a series of new fiscal and tax policies aimed at promoting exports and strengthening the country's economy. Economics 。

These include Sri Lanka's national currency depreciation of 3%, in order to increase the country's global competitiveness and increase export scale.

Sri Lanka President Rajapaksa said that Sri Lanka is moving away from decades of adverse economic policies and social inequalities. Now Sri Lanka is moving towards an open and open economy.

Sri Lanka President said that the implementation of the new policy was intended to encourage new business development, while providing tax relief for up to 6 years for enterprises that export or import industries instead. A company whose initial capital investment does not exceed 300 million of Sri Lanka's rupee can enjoy tax relief. Large companies that invest less than 2 billion 500 million of Sri Lanka Kalou can enjoy a tax exemption period of up to 12 years.