Industry and Entrepreneurship Development Minister Sunil Handunnetti has said that businesses engaged in export-oriented manufacturing can obtain tax concessions under the Temporary Importation for Export Processing (TIEP) scheme through the Ministry of Industry.
Responding to a question during his social media programme ‘Ask Handun’, the Minister explained that the facility provides tax concessions on raw materials imported for export-oriented production, as well as machinery used in the manufacturing process.
He said the concessions are intended to promote exports and support businesses that manufacture goods specifically targeting international markets.
Businesses interested in obtaining the facility can contact the Ministry of Industry directly or visit the Ministry to register for the relevant concessions, he added. (Newswire)