Sri Lanka’s Finance Ministry reduces Special Commodity Levy on several imported commodities
Sri Lanka’s Ministry of Finance and Economic Affairs has last week announced its decision to reduce a Special Commodity Levy on several imported commodities in order to bring down the cost of living.
A Ministry statement has noted that the Special Commodity Levy will be reduced on dhal and chick peas by Rs. 5 a kilo each and black gram by Rs. 25 a kilo.
Sugar will be brought under the Special Commodity Levy whereby the applicable taxes on sugar will also be reduced by Rs. 10 a kilo.
“Accordingly, the commodity prices will be reduced with immediate effect,” the statement said.
Customs Duty has also been waived on wheat grain to Rs. 9 a kilo from the existing waiver of Rs. 6.
“The necessary Gazettes for the aforementioned tax related proposals will be issued today and Cabinet approval is sought to amend the necessary tax laws,” the Finance Ministry statement has noted.
OSL take:
The announcement by the Finance Ministry on the reduction of the special commodity levy on several consumer items would create an excellent opportunity for foreign companies engaged in the export market to import goods to Sri Lanka. Interested foreign businesses could explore opportunities to import goods to Sri Lanka.
| Article Code : | VBS/AT/20181107/Z_3 |