Special Commodity Levy to be scrapped from next year: Siyambalapitiya

29 March 2024 06:14 pm - 5 - {{hitsCtrl.values.hits}}

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Colombo, March 29 (Daily Mirror)- The Special Commodity Levy that was imposed to protect the local famers and producers will be scrapped from January, next year and a new tax system based on seasons will be introduced, State Minister of Finance Ranjith Siyambalapitiya said today.

The Minister said a new tax based on seasons will be introduced to protect the local farmers and producers from next year.

He said the seasonal tax which is connected to the Customs duty will be introduced after identifying the period when the local produce come to the market just as in other developed countries.

The Minister said the decision to scrap the Special Commodity Levy was taken as the benefit of the Levy did not pass to the consumers at most times as the prices of goods were not reduced even when the Levy was reduced just as in the famous case of the sugar fraud.

He said, in some cases, prices of goods in the local market were also increased in proportionate to the increase of the Special Commodity Levy for imported goods.

The Minister said the scrapping of the Special Commodity Levy will prevent certain factions from amassing undue profits.

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Comments - 5

Sambo Friday, 29 March 2024 08:03 PM

What is the point of this levy. each time the paddy harvest season comes they reduce tax on imported rice or have something to say and mislead the public. They only think of fattening themselves with commission.

Election Gimmick Saturday, 30 March 2024 10:50 AM

It’s an election gimmick and hope voters won’t fall for it. They will continue it next year saying IMF wants more income to justify any new loans. Just vote out the current Morons unless you want to live a miserable life forever!

Nihal S Saturday, 30 March 2024 06:10 AM

Elections announcements?

Traders are kings not the consumer Saturday, 30 March 2024 09:48 AM

Have you ever seen a trader go bankrupt due to tax? They are very crafty, to deflect the effects of tax to consumers or make massive profits from a reduction of tax which is supposed to ease the burden of consumers. In any case traders are winners and they sometime pass it to rulers.

Gon Rawulaa Sunday, 31 March 2024 09:37 PM

Why next year and nit niw you capped sinister minister?

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Special Commodity Levy to be scrapped from next year: Siyambalapitiya

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