💎 Cabinet Approves Major Reforms to Boost Sri Lanka's Gem Industry 📈

The Cabinet of Ministers has approved a series of regulatory measures aimed at promoting the nation's gem industry by streamlining imports and simplifying taxation. • Key Approvals: Orders and regulations published in recent extraordinary gazettes to facilitate the import and taxation of genuine and semi-genuine gemstones were sanctioned. • Taxation Changes: • Value Added Tax (VAT) calculation on imported gemstones will now be based on their weight, a shift approved under the VAT Act. • New national sub-division customs codes were introduced via a Revenue Security Order, enabling the weight-based VAT application. • These new customs codes will also be used in relation to continued exemptions from Ports and Airport Development Taxes (PADT). • Impact: These steps are expected to streamline gemstone imports, simplify the taxation process, and reinforce Sri Lanka’s standing as a key player in the global gem market. • Source: The proposal was presented by President Anura Kumara Dissanayake in his capacity as Finance Minister.