Fifteen percent import duty on gold

(COLOMBO, LANKAPUVATH) –A 15% import duty on gold based on value was imposed by the Finance Ministry with effect from yesterday.

According to Finance Ministry sources, the decision to impose such a duty comes in the wake of a suspicion on gold smuggling. There is a suspicion that gold which is imported to Sri Lanka at a concessionary tax rate is being smuggled to other countries.

According to sources, around 8,000 kilogrammes of gold had been imported to Sri Lanka in 2017 and in 2016 respectively.

“This is a tremendous inflow of gold in to the country,”sources pointed out.

“However, the value of jewellery made and sold from that gold does not tally with the amount of gold brought into the country under concessionary taxes.Hence, the Central Bank of Sri Lanka has authorised an investigation into the matter,” sources said.

Sources said that the recent detection of Rs.170 million worth gold biscuits is suspected to be a part of the same gold smuggling racket.

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