Wednesday Nov 13, 2024
Wednesday Nov 13, 2024
Wednesday, 13 September 2023 00:32 - - {{hitsCtrl.values.hits}}
In a move to support the domestic printing ink industry, the Government has taken steps to amend the existing tax structure. This adjustment aims to rectify the disadvantageous situation faced by local printing ink manufacturers regarding import duties on specific raw materials.
“It is anticipated that this move will lead to increased growth and competitiveness within the printing industry. The import restrictions posed a challenging situation for the printers.
One of the key materials required is paper and ink. This move will give a boost to the industry,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.
Under the existing tax regime, certain crucial raw materials utilised in the production of domestic printing inks have been subject to higher rates of import duty compared to finished printing ink products imported into the country. This absurdity has posed a significant challenge for domestic manufacturers, impacting their competitiveness in the market.
To address this issue, an order was published in the Government Gazette on 21 July 2023, by the Sri Lanka Export Development Act No. 40 of 1979. This order represents a pivotal step towards creating a level playing field for local printing ink manufacturers.
Furthermore, the Cabinet of Ministers approved the proposal put forward by President Ranil Wickremesinghe who also serves as the Minister of Investment Promotion, to present this order in the Parliament for further discussion and approval.
