Sri Lanka Budget 2017: Much on cards for apparel sector | Policy News Sri Lanka
Home » News » Policy News » Sri Lanka Budget 2017 Much On Cards For Apparel Sector

Sri Lanka Budget 2017: Much on cards for apparel sector


READ MORE ON Policy News Sri LankaSri Lanka Apparel IndustrySri Lankan Garment Exporters

Sri Lanka Budget 2017Following the route listed by the recently announced Sri Lankan Budget for 2017, it becomes quite evident that there are multiple benefits for the apparel and textile sector in the country. Apart from Rs. 500 million for Small and Medium Enterprises (SMEs), the Sri Lankan Government will support the formation of a textile cluster by providing investment relief to businesses that will invest in this venture and will also provide adequate space to save close to US $ 2,000 million per annum.

Also ReadBangladesh Budget ’16-17: FM proposes VAT & customs exemptions for handloom sector

Presenting the Budget, Finance Minister of the country, Ravi Karunanayake said that the Government has proposed the formation of a cluster that would include sizing, dyeing and finishing units by the private sector. The Budget will permit garment exporters to also import products of foreign enterprises for reworking, operating under the commercial hub regulation.

The Government will also allow domestic apparel companies to invest in overseas entities involved in apparel design and manufacture up to 5 per cent of their average export turnover of the preceding three years in any given year.

Also ReadRwanda Budget ’16-17: Focus on Textile, Garment & Leather Industry

Moreover, the Government has proposed a significant shift in the policy framework by keeping a special room for vocational training, under which there is a provision of scholarships to anyone who wishes to follow a vocational training programme at a state-operated institution.

Have some news? Let us know on

Comments are closed.

Recommended by Apparel Resources

GST: Indian Govt. Rules Out Rate Revision for Textile Industry

The Indian Government has ruled out any scope of relaxation on Goods and Services Tax (GST) for the textile industry. Textile traders have...

Indian Govt. restores old rates for ROSL scheme

The Government of India has decided to continue ROSL...

Bangladesh Budget: Corporate Tax for RMG sector at 12%, Tax at Source 1%

In what may be termed as some reprieve to the readymade garment manufacturers of Bangladesh, the Government has lowered the Corporate Tax to...

GST gets mixed response from Indian textile industry

Goods and Services Tax (GST) will become the part of Indian taxation policy from 1st July, 2017. Despite several seminars and knowledge sharing...

India’s EPCH takes measures to ensure smooth GST roll-out

Goods and Services Tax (GST) will be effective from 1st July, 2017 and become one of the biggest taxation reforms in India… In a bid to ensure hassle-free execution of the...

Bangladesh will continue to get duty-free access to UK post Brexit

Even as readymade garment exporters in Bangladesh have been speculating on the fate of duty-free benefits (that it currently enjoys in United Kingdom)...

India imposes anti-dumping duty on sewing machine needles from China

The Union Finance Ministry of India has imposed definitive anti-dumping duty for a period of five years on sewing machine needle import from...

Textile industry clueless on draft of UP Textile Policy ’17

Draft of Textile, Handicrafts and Sericulture Policy 2017 has recently been approved by the Yogi Adityanath-led State Government in Uttar Pradesh, India. The draft is however not available in public...

Indian knitwear industry likely to get ‘special package’ soon

Indian knitwear industry might get to hear good news in around two months’ time as the Government is likely to announce a package...