COLOMBO, Jan. 19 (Xinhua) -- Sri Lanka's National Gem and Jewellery Authority (NGJA) on Monday announced a revision to the tax structure applied to the import of rough gemstones used in the country's gem and jewellery industry.
The authority said the move is aimed at supporting the sector and helping it achieve a targeted export revenue of 1 billion U.S. dollars in 2026.
Speaking at a media briefing at the Government Information Department, NGJA Chairman S. P. Chaminda said the method used to calculate value-added tax (VAT) on imported gemstones has been revised to reduce the financial burden on importers.
According to Chaminda, instead of previous calculations, a fixed value will now be assigned to each imported parcel. For valuable stones like rubies, sapphires, and emeralds, VAT will be calculated based on a fixed price of 900 dollars per kilogram.
He added that under the new proposal, the customs charge of 200 dollars per kilogram previously imposed on imported gems has been removed, providing further relief to industry participants. ■