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Sri Lanka’s Finance Ministry permits BOI approved manufacturers to engage in local sales

  

Acceding to the request of Sri Lanka’s Joint Apparel Association Forum (JAF), the Finance Ministry has permitted apparel manufacturers approved by the Board of investment (BOI) to engage in local sales or to undertake sub-contracts from retailers or suppliers for three months starting from September 10 subject to conditions.

The apparel manufacturers approved by the Board of Investment can undertake sub-contracts to the domestic retailers to manufacture apparel products using duty paid fabric (raw material), supplied by domestic retailers/suppliers. This will be subject to payment of relevant taxes on income generated from such contracts as per provisions of the BOI agreements and the Inland Revenue Act.

JAAF had made this proposal with the objective of utilizing the excess capacity available at these BOI-approved factories and to generate an extra income for them during these trying times. According to the federation, if the industry calls for an extension of the blanket period, it was ready to shepherd fresh discussions with the Government and other relevant authorities.

 
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