Sri Lanka, July 6 -- Minister of Industry and Enterprise Development Sunil Handunnetti stated that Sri Lanka expects to generate an additional USD 188 million in revenue by streamlining the tax collection system for the gem and jewellery sector.

He made these remarks while inaugurating the new VAT refund counter at Bandaranaike International Airport (BIA) in Katunayake.

The special counter at BIA was established to refund VAT paid by foreign visitors who purchase goods in Sri Lanka and depart the country.

This initiative aims to encourage tourists to increase their purchases of goods within Sri Lanka.

Under this system, tourists who stay in the country for less than 90 days and have paid over Rs. 50,000 in VAT are eligible for a refun...