UK Tax Concessions Must Be Optimally Utilized — Prof. Gamini Weerasinghe

14-Jul-2025

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Professor Gamini Weerasinghe, Head of the Economics Department at the University of Sri Jayewardenepura, has urged the Sri Lankan government to maximize the benefits of tax concessions provided by the UK. 

He stated that the Ministry of Industries should launch special programs to increase demand for Sri Lankan goods and services in the UK.

Speaking at a media briefing in Colombo, Prof. Weerasinghe added that the 30% reciprocal tariff imposed by the US on Sri Lanka should be thoroughly analyzed. 

Had the US slightly lowered tariffs on Sri Lankan imports, the overall reciprocal tax burden would have been reduced.

Now that the UK has granted new tax concessions to Sri Lanka, these should be effectively utilized. 

Currently, only about 6% of Sri Lankan goods and services are exported to the UK. 

There is a need to develop new market opportunities by creating new products and services.

He emphasized that the Ministry of Industries must implement special plans to boost UK demand and that careful attention must be paid to managing the economic impact of the US-imposed 30% reciprocal tax.