Importing of agricultural tech equipment tax free

Importing of agricultural tech equipment tax free

At the recent ceremony of the “National Food Production Battle” President Maithripala Sirisena said that the GoSL intended to make all agricultural technological equipment imports tax free, providing much needed relief to the country’s agriculture sector and an opportunity to optimise its productivity.
The National Food Production Battle strongly promoted by the President intends to push Sri Lanka’s food production agenda and provides an opportunity to resurrect the agricultural industry. The President also declared 2018 as the “Year of Local Food Production.“
He pointed out that the sector was troubled by agricultural land being reclaimed for other purposes such as partitioning many of the country’s coconut estates and allocating them for housing projects, adding that a National Housing Construction Policy needed to be implemented to control such matters.
“The National Food Production Battle is not limited to the ceremony today or to a period of just one week. It is a beginning of a comprehensive national program to be carried out under a three-year plan. All government and private institutions and all other related sections should contribute to this, considering this as a responsibility beyond duty. The Government will implement the required program to create a better living standard to the children of farmers by freeing the farmers from loan burdens, and providing better education to the children ensuring social recognition.The Government also will take action to increase the production process by providing required facilities and resources to the agricultural sector,” he said.
The President stated that relevant officials have been instructed regarding state and private banks provided relief to farmers as per the National Food Production program. He added that the GoSL had also asked private corporations to introduce a subsidy program for farmers to purchase agriculture related equipment.
He also pledged that the upcoming 2018 Budget will have elements that will reinforce the agricultural sector and the economic conditions of those operating in it.
Sri Lanka’s Agricultural Plan 2017 – 2018 was also handed over to the President at the ceremony.

OSL TAKE:

Removal of taxes on agricultural technology equipment will provide opportunities for investors to import much-needed agri-tech equipment for Sri Lanka’s agriculture industry. This coupled with the government’s plans to concentrate on developing the country’s agriculture will provide for good investment opportunities.

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Article Code : VBS/AT/10102017/Z_6

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