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Last Updated : 2024-05-27 13:10:00
24 July 2023 09:40 am - 6 - {{hitsCtrl.values.hits}}
The All Ceylon Traditional Coconut Oil Manufacturers Association alleged that the latest import tax on coconut oil imports would lead to a fraud similar to the infamous multi-billion ‘sugar tax scam’ benefiting only a handful of importers with stocks purchased previously.
The Association’s Convener Buddhika de Silva told Daily Mirror the price hike resulting from the tax hike would ensure benefits for a few importers who were involved in trade malpractices in the past.
He said he was aware of some importers maintaining stocks of around 50,000 tonnes of imported coconut oil.
“This will not ensure benefits for consumers or local manufacturers,” he said.
He said there was a tax of Rs. 200 previously on coconut oil imports, and urged the government to re-impose it. Also, he asked for the implementation of the Cabinet decision taken in 2020 to import dehydrated coconut chips as raw materials for the traditional coconut oil industry.
“We need to import raw material. Our association is ready to import instead of BCC. We will find our own funds.All we need is the government’s tax concession offered to BCC to be offered to traditional coconut oil manufacturers,” he said. (Kelum Bandara)
Tharan P Monday, 24 July 2023 11:01 AM
whole sale prie of cocnut of 40-60 depending on the size. Why dont government provide technical support and reduce import duty on coconut or other agricultural machineries? The import market will automatically vanish.
Man Monday, 24 July 2023 11:05 AM
In that case, it has reached the Ranil Rajapaksha standards to do so, without any fuss.
Karalasingam Sivalingam Monday, 24 July 2023 01:31 PM
Do not import coconut oil, there is no shortage of coconut oil in the market, Sri Lanka's main exports are tea, rubber and coconut. Why waste our dollar reserves to import an item locally available.
Mohamed Zuraish Hamid Monday, 24 July 2023 01:48 PM
It's hard to do business in Sri lanka when there is no stability in tax rates ,contributing to instability in the economy and commodity prices.
Ram Monday, 24 July 2023 03:22 PM
How can the government reimpose the old tax when those involved are planning to make a quick buck from the import of coconut oil
Do not import dehydrated coconut chips Monday, 24 July 2023 10:32 PM
How can coconut oil be Sri Lankan if it is made with imported dehydrated coconut chips. Do not allow for anything manufactured wholly with foreign products to be called Sri Lankan. At least 95% of the main ingredient has to be Sri Lankan, otherwise it should be labeled as made with foreign imported product.
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