News
More than 7,500 gem mining licences issued last year
By Rathindra Kuruwita
The National Gem and Jewellery Authority (NGJA) issued over 7,500 gem mining licenses in 2023, Chairman and CEO of the Authority Viraj de Silva has said.
These include licences for traditional mining, conventional mining and backhoe mining, he said.
The NGJA also issued about 6,500 dealer licences in 2023 as well, he said.
During the past decade Sri Lanka has earned between 200 and 300 million dollars a year by importing gems, jewellery and diamonds, he said. “However, we earned about 470 million dollars in 2023 by exporting gems, jewellery and diamonds,” he said.
De Silva said that the country must ensure that the foreign currency earned by gem, jewellery and diamond exports are brought back to Sri Lanka. From 2022, all gems that are exported must be accompanied by a customs declaration, he said.
“Now, we know when a gem is sold and taken out of the country, the money earned from the sale must be brought to Sri Lanka within 180 days and we have a team to ensure that the proceeds are repatriated,” he said.
De Silva said that at present now only a few people were involved in gem exports. “This needs to change if the country wants to make more foreign exchange,” he said.
“We are exploring new markets and taking part in international exhibitions. An export income of 470 million dollars is not sufficient. Thailand makes about four billion from exporting gems, jewellery and diamonds. Hong Kong makes about seven billion dollars. We have a lot to do,” he said.
The gem industry employs between 200,000 and 300,000 people directly and indirectly, according to de Silva.
Under the Finance Act No. 35 of 2018 a tax has been imposed on the telecommunication towers and accordingly an annual tax amount of Rs. 200,000/- is levied from mobile network operators who possess telecommunication towers. However, it has been proposed in the Budget for 2026 that the said tax shall not be levied for a period of five (5) years in respect of telecommunication towers newly erected on or after 2026-01-01.
Accordingly, the Legal Draftsman has formulated a draft bill to amend the Finance Act No. 35 of 2018 including the provisions for taking necessary action, and the Attorney General has granted the clearance in the regard.
Hence, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to publish the said draft bill in the Government Gazette Notification and thereafter submit the same to the Parliament for its concurrence.
The cabinet of Ministers has approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning, and Economic Development to publish the Value Added Tax (Amendment) Bill in the Government Gazette and thereafter submit it for the concurrence of the Parliament.
The Cabinet of Ministers has approved the resolution furnished by the President in his capacity as the Minister of Digital Economy, to appoint H.M.J.M.Herath, a special Grade officer in Sri Lanka Administrative Service, who is currently serving as the District Secretary / Government Agent of Kegalle, to the post of Commissioner General of Registration of Persons
Amendments to the Finance Act No. 35 of 2018 to be Gazetted
Value Added Tax (Amendment) Bill to be Gazetted
H.M.J.M.Herath appointed Commissioner General of Registration of Persons
Water Resources Board Act, No. 29 of 1964, to be amended
Securing public sector employment opportunities for Athletes demonstrating National-Level sporting excellence
Cabinet gives green light for old court complex buildings located in Galle Fort to be utilized for a Tourism Promotion Project.
‘Dates have the highest sugar content to fight Coronavirus’
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