Saturday, April 23, 2016

New CB ruling silent on ‘service’ exports

From The Sunday Times
The Central Bank’s (CB) order to exporters to repatriate earnings forthwith is ‘silent’ on service exports, according to economists.
The April 22 announcement which repealed “the exemption granted in respect of payment for goods exported from Sri Lanka in the Extraordinary Gazette Notification No. 759/15 dated 26 March 1993” refers to only the export of goods (which are mostly traditional exports like tea or garments).
The fact that service exports – covering IT services, hotel trade, financial services, etc – appear to have been exempted in the new ruling has angered exporters of traditional goods. They say this is unfair.

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