Sri Lanka to phase out para-tariffs over 5 years, some faster: Budget 2019
Mar 05, 2019 15:26 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka will phase out para-tariffs on imports over 5 years, but items relating to some sectors will be phased out over three years, Finance Minister Mangala Samaraweera said.
Accelerated phasing out of cess will be on items related to tourism, manufacturing and construction, which will be cut within three years, he said.
Para-tariff are import duties such as port and airport levy and cess, which are not standard ad valorem duties defined in trade agreements.
The International Telecommunication Operators Levy will be removed, Samaraweera said.
On machinery on HS code 84 and 85, Port and Airport Levy will be cut to 2.5 percent. These include boilers, machinery and electrical items.
"We will also ensure that 10 percent of all HS codes, considered to be sensitive items, will not be subject to a complete para-tariff phase-out," Samaraweera said.
Sri Lanka will also have a trade adjustment package to help companies meet competition, for which 500 million rupees has been allocated over two years, he said.
Sri Lanka is also implementing an anti-dumping law. (Colombo/Mar05/2019-SB)