Special Commodity Tax on a number of imported essential items would be reduced

RED

Today, The Ministry of Finance announced that the Special Commodity Tax on a number of imported essential items would be reduced with effect from midnight today (8th November).

Accordingly, the tax imposed on a kilo of sprats would be reduced to Rs. 1 from Rs. 11, tax on potatoes reduced to Rs. 1 from Rs. 40 and the tax on big onions reduced to Rs. 1 from Rs. 40. Meanwhile, tax on a kilo of dhal (split) would be reduced to Rs. 3 from Rs. 15 and dhal (whole) reduced to Rs. 1 from Rs. 10.

The Commodity Tax for a kilo of dry fish would be reduced to Rs. 52 from Rs. 102.

The tax on several types of oils had also been reduced by Rs. 15 to Rs. 35.

According to the Minister of Finance and Mass Media Mr. Mangala Samaraweera this action been taken by the government to reduce the Cost of Living of the consumers. Therefore the ministry has reduced the levy on several essential food items from midnight, as stated.

Announcing this pre-budget benefit, minister told the media briefing at the ministry that majority of the consumers will benefit from this action, due to reduction of prices.

According to the announcement, the levy of following food commodities will reduce in following manner.

Item Prevailing Duty Rate

(Rs. Per kilo)

New Duty Rate

(Rs. Per kilo)

Duty Reduction

by (Rs. Per kilo)

Sprats 11 01 10
Potatoes 40 01 39
B’ onions 40 01 39
Lentils – whole 10 01 09
Lentils – Split 15 03 12
Dried fish 102 52 50
Palm oil/other veg. oil – crude 110 95 15
Palm olen 115 100 15
Palm stearin 110 95 15
Refine palm oil 135 110 25
Other veg. oil refine 130 105 25
Palm Kernal – crude 130 105 25
Refine 145 110 35
Coconut oil

(Crude/ Refine)

130 105 25


About us

Lanka Business News is amongst the leading online Business News portals in Sri Lanka, unique for its focus on contemporary business news relevant across multiple industries operating in the country. We present not only the news, but a perspective based on observations and possible implications of a prevailing news item. LBN also provides an insight to the impact of a global economic or industrial development, thus helping stakeholders make informed and calculated decisions.





Contact Us

229, Cotta Road, Borella, Colombo 08, Sri Lanka

editor@lankabusinessnews.com

+94 (0)11 448 7676

Newsletter