Sri Lanka Garment Sale EU 3% Tax Free

Sri Lanka Garment Sale EU 3% Tax Free Last year, Sri Lanka exported 8.7 billion U.S. dollars worth of garments, of which garment exports were estimated at 3.5 billion U.S. dollars, with a share of 41%, ranking the country’s largest export earning industry.

At present, the number of garment factories in Sri Lanka from 2000 at the time of Prime Minister to 250 or so, but garments is still the largest export industry in Sri Lanka, the relevant working population of about 1 million people.

Since Sri Lanka currently does not have a fabric and garment related accessory material factory, the required fabrics, secondary materials, printing dyes and related garments machinery such as computer embroidery all rely on imports.

For the textile industry, the business opportunities in the local market are still very large.

In addition, the European Union has cancelled the GSP+ discount in Sri Lanka. It is not the entire GSP offer that the local garments exported to the EU will still enjoy a 3% tax exemption.

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