Sri Lanka, March 11 -- Around 30% of the bookshops have already shut down due to the effect of the VAT increase

Though the Government imposed VAT (Value Added Tax) on vegetables and other essential goods, books were spared for all these years. However a VAT increase of 18% has affected the book publishing industry.

"Around 30% of the bookshops have already shut down due to the effect of the VAT increase," said Sri Lanka Book Publishers Association (SLBPA) President Samantha Indeewara Samarasinghe.. In 1950, United Nations Educational, Scientific and Cultural Organization (UNESCO) signed the Florence Agreement. The Florence Agreement is a treaty that does not impose customs duties and taxes on certain educational, scientific and cultural...