Sri Lanka increases tax on imported fish to assist domestic fisheries sector
Sri Lanka’s Ministry of Finance has reportedly announced that the government of Sri Lanka has increased a tax on imported fish to Rs. 150 rupees a kilogram from Rs. 100 rupees or 10 percent of the value.
The Ministry has explained that the tax has been increased to ‘help domestic fishermen.’
Sri Lanka has high import duties on many industries including agriculture, which has led to of inefficient production processes which are not export competitive, local media reports noted.
Since many people do not have refrigerators, imported tinned fish is a popular food among the less affluent and construction workers, local media reports have further pointed out.
OSL take:
The increase in taxes of imported fish has opened up the opportunity for local fisheries businesses to explore foreign partnerships/investments to their respective businesses. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country will undoubtedly help the continuous growth of the local fisheries industry. Foreign businesses/investors could therefore confidently explore business opportunities in Sri Lanka’s fisheries businesses.
| Article Code : | VBS/AT/20200306/Z_3 |