Tax-free designer ties planned in 2013 budget
View(s):The removal of import duties on designer brands of apparel including footwear and neckties and designer pens had been planned for inclusion in the 2013 budget presented in November 2012, but was missed out.
It was included in next year’s budget in an effort to promote international shopping, according to Treasury officials. They said that with Sri Lanka steering towards becoming an international shopping hub with many international clothing brands vying for several landmark old buildings renovated by the Urban Development Authority, such a move will seal the deal for these investors to come into Sri Lanka.
These remarks came amidst the main opposition United National Party slamming the government for removing cess on these luxury items enjoyed by a very small but wealthy segment of the population.