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Sri Lanka removes taxes on gold
Sat, Mar 13, 2010, 02:06 pm SL Time, ColomboPage News Desk, Sri Lanka.
Mar 13, Colombo: In an effort to boost the jewellery industry in the country, the government has removed the taxes and other levies applicable on gold imports, effect from March 1, 2010, the Central Bank announced.
The Bank hopes that the removal of all applicable import taxes and other levies on gold imports will reduce the gold prices in the market and contribute to promote gold and jewellery industry in the country.
Accordingly, commercial banks and other authorized persons can now increase their gold imports to meet the industry requirements, it said.
Gold prices rose sharply in recent times as investors have looked for safe alternative investment vehicles due to fears of global recession. The prices rallied throughout February and into early March closing at US$ 1102 for an ounce today.