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Monday May 17th, 2021
Economy

Sri Lanka to abolish import tax on tea for re-export

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.

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