JUST IN

Govt. taking steps to reduce election expenditure

Those that stand against injustice imprisoned – Ranaweera

Kidney tests halted in Polonnaruwa

National Audit draft submitted to Parliament Secretary General

President meets Pakistan’s Foreign Secretary

Govt says absence of GSP+ cost Rs. 375 Billion


2017-01-12

The government says the absence of the Generalized Scheme of Preferences or GSP+ tax concession resulted in Sri Lanka’s economy to incur losses of 375 Billion rupees.

Issuing a statement, the Government Information Department said the GSP+ was completely removed from Sri Lanka in 2010 after the tax concession was limited to the country in 2007 due to the activities of the previous tenure of the United People’s Freedom Alliance led government.

The statement said the one-way trade preference would consist of the full removal of duties on 66% of tariff lines. Accordingly, trade barriers imposed on Sri Lanka’s export industries including textiles, fisheries and rubber production will be completely removed.

The European Commission yesterday proposed to grant Sri Lanka the GSP+ tax concession by considering several factors including the establishment of good governance, the implementation of the 19th Constitutional amendment and the strengthening human rights.

The proposal will be ratified following the approval by the European Council and the European Parliament.


Colombo
28°
scattered clouds
humidity: 74%
H 28 • L 27
28°
Wed
26°
Thu
26°
Fri
26°
Sat
26°
Sun
Weather from OpenWeatherMap