Sri Lanka's new tax on gold aims at curbing imports
gold
Sri Lanka's foreign exchange outflow that facilitated such humongous import gold has also caused damage to its foreign reserves
Reeling from the adverse effects surging imports, Sri Lanka today proposed a 15 per cent tax on gold.
The country has been grappling with a deficit in trade and an increased pressure on its exchange rate.
The tax has been reintroduced after five years owing to a rapid spike in imports.
A finance ministry official noted that it is believed that some duty-free imported gold in Sri Lanka is being smuggled out to other countries that have high customs duties in place.
According to reports, Sri Lanka, this year, has already imported gold equivalent to the total amount of its imported precious metal in the year 2016 estimated at 8,000 kilograms. Last year the country imported over 15,000 kilograms of gold.
Sri Lanka's foreign exchange outflow that facilitated such humongous import gold has also caused damage to its foreign reserves and the value of its rate of currency.
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