Special Commodity Levy to be scrapped from next year: Siyambalapitiya

29 March 2024 06:14 pm Views - 612

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.