Government to impose tariff on gold imports

The government has decided to impose a tariff on gold imports.
The Ministry of Finance and Planning said that a tariff of five percent would be imposed on the value of the gold, and an equivalent surcharge would be imposed.
The tariff which came into effect at midnight on Thursday, will add a further ten percent to the price of imported gold.
The Ministry of Finance and Planning said that so far a customs duty was not imposed on gold imports.
The Ministry said that this measure was taken as a solution to the issues that may arise in the local gold market, despite the prices of gold reducing in the international market.
The Spokesperson for the Ceylon Jewellery Traders Association K. Shankar, elaborated on the sudden imposition of the tariff.