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Cement companies earning over Rs. 700 profit per bag of cement: CoPF reveals
The Committee of Public Finance (CoPF) called for a report regarding the earning of an excessive profit of approximately Rs. 700 from the sale of a bag of cement.
It was revealed by the Committee of Public Finance that there is a huge profit of nearly 700 rupees between the price of cement landed at the port and the selling price after all taxes are deducted.
The matter came up during the committee that met recently Chaired by Patali Champika Ranawaka, who was appointed as the protem Chair in the absence of the Committee Chair Dr. Harsha de Silva.
The Committee Chair ordered the officials of the Ministry of Finance and the Ministry of Urban Development and Construction to give a report on the matter, as it appears that there is a huge gap between the selling price of cement and iron after all related taxes are deducted.
The order to increase the Cess levied on the import of cement raw materials by 2 rupees per kilogram was discussed at the committee meeting where the Chair pointed out that the construction sector can be greatly affected by increasing the Cess levy on cement raw materials.
It was revealed that the work of many houses, including low-income houses and middle-class houses, has stopped due to the housing projects started by the Urban Development Authority, and it was informed to provide a report on the impact on the construction industry.
The officials also pointed out that a house which was built at a cost of 12 lakhs earlier will cost at least 24 lakhs. The Committee also emphasized that the lack of proper evaluation of the social impact caused by the increases made by the Ministry of Finance for the purpose of increasing the Government's income is a big concern.(Ajith Siriwardana)
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