| 01. |
The SLGJA has been designated as the apex association for the Gem & Jewellery Trade in Sri Lanka by the National Gem & Jewellery Authority. |
| 02. |
Hence all Members have to conform to local and international practices and regulations thereby the reputation and integrity of your company is assured. |
| 03. |
The association participates at most popular International shows and members collectively join in to form a Sri Lanka Pavillion. |
| 04. |
Members are entitled to special facilities at FACETS Sri Lanka which is our International Show held annually every September. |
| 05. |
Members could advertise their business and products on the official website www.slgja.org as reasonable cost. |
| 06. |
The association represents and comes to the aid of all members in case of any difficulties with regulatory authorities and makes suggestions to the government to improve standards and benefits to the trade. |
Tax structure changes in the Budget of 2011 due to requests from SLGJA
NBT
- NBT at 2% introduced on wholesale and retail trade. Therefore instead of Turnover tax at 5% imposed on gems and jewellery NBT is payable at 2% on all retail and wholesale sales of gems and jewellery in Sri Lanka.
- However the exemption on foreign currency sales to foreigners although specifically exempt from TT is not specifically exempt in the existing NBT law and hence would be liable at 2%.
- NBT threshold has reduced to Rs 500,000/= per quarter from Rs 650,000/=.
- NBT paid on the sales is fully deductible from income tax for local sales
- Exports are not liable to NBT.
ESC
- ESC threshold has been significantly increased to Rs25millin per quarter from Rs 7.5m per quarter
- There are no significant changes to the rates where those exempt from income tax and those incurring a loss are liable at 0.25%.
WHT
- Withholding tax at 5% has been removed and therefore 5% payment to the IRD when paying commissions to guides would not apply
VAT
- There has been no mention in the budget proposal regarding the exemption on locally manufactured jewellery and hence is assumed to continue.
Income Tax
- Based on the budget proposals there has been no change to the existing exemptions on export and local sales of gems and jewellery for foreign currency.
- Income tax rates on local sales have come down to 28% from 35% for companies and reduced to 24% from 35% for individuals.
- Income tax rates on local sales where the taxable income is less that Rs 5m the rate has come down to 12% from 15% for companies other than for group companies.
- Income tax on local sales for Partnership tax has come down from 10% to 8%.
- SRL at 1.5% on the income tax liability has been removed.
WORK DONE ....
AUGUST 2010
A meeting was called with Hon Faiszer Musthapha at his office, Deshabandu M.Macky Hashim, Mr. Chanaka Ellawala, Mr. Juzar Adamaly, Mr. A.H.M.Imtizam,and Mr. Ajward Deen attended the meeting
A meeting was called with Hon. Anura Priyadharshana Yapa at his office Deshabandu M.Macky Hashim, Mr.Chanaka Ellawala, Mr.Ajward Deen, Mr. Gamini E.Zoysa, Mr. A.H.M.Imtizam Mr. Muslim Salahudeen,Juzar Adamaly, Amil Sammoon,Mr. Saman Ameresena, Mr. Nawrooz Azmi and Mr. Ziqufi Ismail attended the meeting
Received e-mail from NGJA requesting to submit proposals for Budget 2011
Received a letter from M/s. Punsiri Gems regarding the Heat Treatment of Ruby & Sapphire – By Ted Themelis (2010) 2nd edition.
SEPTEMBER 2010
2nd -5th /09/2010 - Facets Sri Lanka 2010
A delegation has been organized from Yunnan to visit Facets
Sri Lanka 2010
Mr. Wilson Yuen President of ICA will be visiting Facets Sri Lanka 2010
Deshabandu M.Macky Hashim has been appointed a member to the Gem & Jewellery Cluster.
Received an Email form EDB requesting for a Draft Strategic Plan.
Received an E mail from Mr. Ruzwam Kamil informing his resignation from Chairman Local Publicity Committee.
Received a letter from EDB regarding the Enhancing Sri Lankan Products Visibility in the International Market.
OCTOBER 2010
25/10/2010 – Meeting Held at NCED regarding the Gem & Jewellery Cluster
NOVEMBER 2010
11/11/2010 - China Beijing Show From 11th -15 th November, 2010 Delegates from Association 1. Mr. Juzar Adamaly also there were 17 companies participated at this show they are:
- Ruby N Sapphire
- Regal Gems
- Trust Gems
- Mushan International
- Hi Line International
- Nem Lanka
- Mc Million
- Khiard Jewellers
- Gem Cottage
- New World International
- Sey Lanka International
- Zam Gems
- Saf’s Classiques
- Engello Gems
- Furquan Ali & Sons
- Sunray Gems
- Beauty Gems
DECEMBER 2010
10/12/2010 – Participated Jewels 2010 Organized by Gemmologist Association
11/12/2010 - Death of Past Vice Chairman Mr. Faizal A.Cader.
Submitted a proposal to Treasury
An interview has been given by Mr. Ziqufi Ismail to Daily News regarding the budget 2011
04 Association Members were awarded for the Appreciation of Service Rendered to the Gem & Jewellery Industry. The members are as follows:-
- Deshabandu M.Macky Hashim
- Deshabandu A.E.T.Ellawala
- Deshabandu Nowfel S.Jabir
- Mr. Punsiri Tennakoon
The below mentioned companies were awarded for Achievement in the Gem & Jewellery Industry in the year 2009.
- M/s. Ellawala Exports
- M/s. Wellawatta Nithyakalyani
- M/s. Raja Jewellers
31/12/2010 - A meeting was organized with the governor with regard to the Import of Bullion. Mr. Chanaka Ellawala,Mr. A.P.Jeyarajah, Mr. Sellakumar Kandasamy and Mr. Rameshkhanth attended the meeting
January 2011
21/01/2011 - Congratulation letter sent to new NGJA chairman General Rohan De. S. Daluwatta on his appointment.
30/01/2011 – Mr. Altaf Iqbal will be doing a Promotion Campaign for the Royal Wedding.
February 2011
08/02/2011- Courtesy called made on new NGJA chairman General Rohan De. S. Daluwatta. Deshabandu M. Macky Hashim, Mr. Chanaka Ellawala,
Mr. A.P.Jeyarajah, Mr. Donald Perera, Mr. Ajward Deen and Mr. Ziqufi Ismail attended the meeting.
11/02/2011 – A meeting was called with Hon. Anura Priyadharshana Yapa at his residence regarding The Royal Sapphire Promotion Campaign, Mr. Ziqufi Ismail, Mr. Sheriff Rahuman, Mr. Muslim Salahudeen & Ms. Neela Marikar attended the meeting.
15/02/2011 - GJI has informed that their final termination meeting will be held on 15th of February 2011
18/02/2011- NBT on Foreign Currency removal was circulated to the membership
22/02/2011- A meeting was held at the Colombo Swimming Club with regard to the Blue Sapphire Promotional Campaign at the Royal Wedding.
March 2011
02/03/2011- A meeting was held with Chairman NGJA regarding the Import of Gold, Silver Jewellery. Association and invited members of the trade were present at the meeting, both segments of the Jewellery Industry, Local & Tourist attended, along with the Chairman of the Association.
Discussed and suggested the following.
NBT - 2%
Pal - 5%
Excise Duty - 10%
Total - 17%
15/03/2011- Mr. A.P.Jeyarajah was appointed as a member of the Advisory committee for the Gem & Jewellery Industry.
31/03/2011- Lustre Exhibition was held from 31st March to 01st & 02nd April 2011.
April 2011
08/04/2011 – The Royal Weeding website was launched at the Expo Bazar Exhibition 2011.
|
