Value Added Tax (VAT) on imported fabric has been reduced to 5 per cent, Finance Ministry said in a statement.
The decision to reduce the VAT was reached based on the requests made by stakeholders in the fabric industry. Minister Samaraweera signed the gazette notification in this regard.
According to the 2018 budget, the previous VAT on imported goods including fabric was 15 per cent.
The decision to amend the VAT Act by Minister Mangala Samaraweera was done with the motive of providing a helping hand to small-scale industrialists under the ‘Enterprise Sri Lanka’ scheme.
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Heavy showers are expected to continue In several provinces across the country with some 30,000 persons already displaced due flooding.
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