Sri Lanka to abolish import tax on tea for re-export
Jun 21, 2017 14:31 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka has decided to abolish a 1 percent tax charged on tea imported for re-export, Cabinet Spokesman Minister Gayantha Karunathilaka said, but a lincesing mechanism will continue.
Sri Lanka will continue to issue licenses for tea imports for re-exports, restricting the types of tea allowed into the country.
Each license will be charged a 1000 rupee fee.
Sri Lanka has controls on tea imports due to heavy lobbying by several Mercantilist tea firms preventing the country from becoming an international hub for tea processing.