INSEE Cement Sri Lanka yesterday said that it would be passing on the tax reduction benefits to its consumers and industrial customers.
Following the recent announcement by the government to provide tax concessions to improve the cost of living of the public, INSEE Cement Sri Lanka, the manufacturer of Sanstha and Mahaweli Marine Plus cement, has decided to pass on the benefit of the removal of the Nation Building Tax (NBT) and reduction of the Value-Added Tax (VAT) to its customers by reducing the price of cement accordingly.
The government last week abolished the NBT and slashed the VAT to 8 percent, from 15 percent.
The company said the price reduction has been effective sincea December 1, 2019.
Any new guidelines issued by the Consumer Affairs Authority with regards to the revised maximum retail price will be immediately adhered to.
INSEE Cement Sri Lanka is the only fully-integrated cement manufacturer of cement in Sri Lanka. The company’s flagship brand Sanstha Cement is the first superior blended cement launched in Sri Lanka.
Further, INSEE produces customised concretes (ready-mixed) in the state-of-the-art INSEE concrete manufacturing facility in Peliyagoda.