Industries Ministry mulls tax exemptions for raw material imports | Sunday Observer

Industries Ministry mulls tax exemptions for raw material imports

2 July, 2023
Dr. Saranga Alahapperuma Pic: Claude Gunasekera
Dr. Saranga Alahapperuma Pic: Claude Gunasekera

Industrial Development Board Chairman Dr. Saranga Alahapperuma said that an exemption of import tax on raw and intermediary material is being seriously considered by the Ministry of Industries.

He was speaking at a seminar organised by the Industrial Development Board at Marino Beach Hotel Colombo on Wednesday. “A positive response in this regard can be expected before the end of this year.” He said that when there’s an industry to be formulated, registered or with regard to an export or any other job to be done by the government the entrepreneur needs to go through multiple channels which take a lengthy period. ‘To overcome this, a proposal to create a hassle-free single channel for approvals is to be available soon to make things easy for the industry sector.’

Dr. Alahaperuma stressed that foreign market links are very essential to scale up the country’s economy and assured that IDB will take every necessary action to support and push local industries to enter the global market.

“We can make our country’s economy sustainable by converting Sri Lanka as a manufacturing nation”.

Minister of Industries and Plantation Dr. Ramesh Pathirana said that as Sri Lanka’s economy is bouncing back to normalcy, attention should be focused on industrial development. “In a bid to kick start industrial development, a new policy framework will be introduced as the government is keen to see self-made entrepreneurs to be in business rather than depending on employment,” said Dr. Pathirana. He said that the Industry Development Board has initiated an awareness program for school leavers. More will be conducted in 300 schools in the country,” he said. “We should create a new culture in this country to minimise working for others but be your own boss,” Dr. Pathirana said.