Sri Lanka raises import levy on sugar, cuts tax on fish
Jun 07, 2017 15:38 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – The Sri Lankan government has increased an import levy on sugar to protect local cane growers because of falling global sugar prices with retail prices remaining unchanged.
The finance ministry said the Special Commodity Levy on imported sugar has been increased by Rs 10 a kilo from Tuesday but that there would be no impact on the local selling price.
“Though this levy has been increased from Tuesday, there is no impact on the selling price of sugar in the market as the world market price on sugar is continuously declining,” aa statement said.
The FOB price of a kilogram of a sugar has now come down to Rs 69 a kilo from Rs 89 in October 2016.
“The Government intends to pass the benefit of this increased levy to the farmers engaged in sugarcane cultivation,” the finance ministry said
The government has reduced the Special Commodity Levy on imported wet fish by Rs 25 a kilo from Wednesday, it also said.
Stormy conditions and heavy rains in recent weeks had reduced fish production.
“The government, as a concession to consumers, has reduced this levy from Rs 75.00 to Rs 50.00 per kilogram of imported wet fish,” the ministry said.
Sri Lanka imports around 2000 MT of fish per month for local consumption.
(COLOMBO, June 07, 2017)