(MENAFN- Colombo Gazette) The Sri Lanka Apparel Brands Association (SLABA), representing the country's leading apparel and fashion brands, has welcomed the recent Budget, noting that it addresses the majority of the industry's key requests aimed at strengthening the domestic apparel ecosystem.

SLABA praised the Government for taking decisive action on industry concerns, particularly regarding the implementation of VAT on imported fabrics. Local manufacturers have long advocated for this measure to ensure fair competition, and the reduction of the VAT threshold further demonstrates a commitment to protecting domestic value chains.

“We are pleased that the Government has heard our request and taken decisive action on VAT for imported fabrics,” said SLABA President, Mr. Fazal M. Fausz.“These measures level the playing field for local manufacturers and SMEs, who are vital to Sri Lanka's economic growth and employment.”

The Budget also includes provisions for CESS and duty revisions, investments in industrial estates, and the introduction of digital tax administration through mandatory e-invoicing. These steps align closely with SLABA's recommendations for sustainable industry development.

SLABA extended its gratitude to the Ministry of Industries, Ministry of Finance, Inland Revenue Department, and Sri Lanka Customs for their meaningful engagement with industry stakeholders. The association emphasized its continued commitment to collaborating with policymakers to enhance the sector's competitiveness and contribution to national development.

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