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Saturday, 24 November 2018 - 7:26
Government grants tax exemptions to agriculture sector SMEs for five years.
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The government has decided to relieve Small and Medium Enterprises in Agriculture sector from income tax for 5 years to boost the local production for exports and consumption.

Accordingly, the income received from any agro sector such as tea, coconut, rubber, spices, rice, fruits and vegetables especially by the small scale entrepreneurs, produced for both exporting and local consumption as food and industrial raw material, will be exempted from income tax for five years.

Additionally the annual income tax rate on processing industries using local agricultural commodities will be reduced from 28 percent to 14 percent.

The measure is expected to benefit farmers as well as consumers.

The Finance Ministry said the relief measures were taken on the instruction of the President and the Minister of Finance and Economic Affairs aiming to provide the highest priority to agricultural development.

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