By Immediate action will be against people who come to Sri Lanka from abroad wearing excessive gold jewelry.
State Finance Minister Ranjith Siyambalapitiya said that the country is incurring about USD 30 million in losses per month due to the smuggling of gold into the country.
The minister said that these traffickers have already been identified and that necessary legal measures will be taken against them immediately. However, he emphasized that common passengers will not be affected due to this.
Dubai and Singapore are the major supply centers that have relaxed taxation for gold while India, Sri Lanka, and Bangladesh together have high duties and restrictions on gold.
Countries like Sri Lanka need to review their tax policy on gold, said a financial analyst.
