Incentives for leather
10/11/2008
Sri Lanka’s president and minister of finance and planning, Mahinda Rajapaksa, has announced his country’s national budget for 2008–09. In doing so, he revealed that the government will offer a number of incentives to local industries, including those in the leather sector.
He said certain business sectors deserved special concessions to be able to sustain employment and foreign exchange earnings.
Specific to the leather sector, he said raw materials required for the production of leathergoods and footwear would be exempt from import duty and value-added tax. He added that manufacturing companies in this space would pay reduced energy bills, and that imports of footwear and leathergoods into Sri Lanka would incur duties.
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