The credit for regaining GSP Plus tax concession must go to the present Government including President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. The country lost the GSP Plus concessions due to the wrong doings of the previous regime, Social Empowerment, Welfare and Kandyan Heritage Minister S.B. Dissanayake said.
He was speaking at a media briefing at the Social Empowerment, Welfare and Kandyan Heritage Ministry Auditorium yesterday.
The Minister said that over 1,000 apparel factories had been closed down due to the loss of the GSP Plus tax concession but regaining of the facility would help uplift the apparel industry. This would allow the country compete with nations such as Vietnam and Bangladesh.
“Sri Lanka will be under the supervision of the European Union (EU) with the regain of the tax concession, to ensure that the country follows the agreed terms and conditions,”Dissanayake said.
He also said that Sri Lanka was granted the GSP Plus tax concession under special circumstances even when the concession is not provided to lower middle income economies such as Sri Lanka.
The Minister further pointed out that the main reasons for the loss of the preferential trade scheme were the accusations levelled against the former Government by journalists together with war crimes allegations.