Sugar Tax Slashed

The Ministry of Finance said  the government will incur a loss of 19,337 million rupees due to the reduction of the Special commodity levy on imported Sugar.

The government decided to reduce the special commodity levy on imported Sugar by 29 rupees and 75 cents from midnight yesterday.

Accordingly the Special commodity tax on Sugar was reduced from 30 rupees to 25 cents.

The Finance Ministry said the import levy was amended to ensure that the maximum retail price for sugar does not fluctuate in the market.

Around 650,000 metric tonnes of Sugar is imported by Sri Lanka annually, while only 56,000 metric tonnes of Sugar is annually produced in Sri Lanka.