Sajith says VAT and SSL should be removed to boost gem and jewellery sector

Friday, 10 January 2025 00:22 - - {{hitsCtrl.values.hits}}

Opposition leader Sajith Premadasa yesterday emphasised the potential of Sri Lanka’s gem and jewellery industry to become a leading export sector.

Speaking at the “Gem Sri Lanka – 2025” gem and jewellery exhibition at the Cinnamon Bentota Beach Hotel, he proposed the removal of VAT and Social Security Levy (SSL) to provide tax relief and promote exports. He also suggested offering a $ 200 package per import of hand-carried gem parcels to support the industry.

Premadasa also highlighted the importance of training skilled craftsmen and providing maximum concessions to position the industry as a global competitor.

He stated that net profits in this sector should not be taxed, and urged the implementation of positive, progressive measures to elevate the industry beyond Hong Kong and Thailand.

The event, organised annually by the Chinese Fort Gem and Jewellery Traders Association (CGJTA), showcased 103 exhibition stalls and attracted both local and international buyers. Premadasa called for immediate action to unlock the sector’s potential and ensure its growth into a leading export industry.