📈 Apparel & Textiles Cheers Budget: Key VAT & SME Requests Met

• The Sri Lanka Apparel Brands Association (SLABA) enthusiastically welcomes the new Budget, confirming it addresses the majority of the apparel & textiles industry's key requests. • A critical measure welcomed is the implementation of VAT on imported fabrics, which SLABA states levels the playing field for local manufacturers and ensures fair competition. • The Budget also includes a reduction of the VAT threshold, demonstrating a clear commitment to protecting domestic value chains and vital SMEs. • Additional provisions welcomed for sustainable development include CESS and duty revisions, investments in industrial estates, and mandatory e-invoicing for digital tax administration. • SLABA thanks the relevant Ministries and Departments for their engagement, underscoring the measures' importance for national economic growth and employment.