Sri Lanka cuts edible oil taxes to encourage imports
ECONOMYNEXT – The Sri Lankan government has decided to cut import taxes on edible oil to ensure stable domestic coconut prices, a spokesman said.
The Special Commodity Levy will be reduced to enable import of 40,000MT of edible oil required for four months of consumption, Media Minister Gayantha Karunatilleke told a news conference.
The Coconut Research Institute has forecast the coconut harvest may fall 14% in January – August 2017 from a year ago and lead to an increase in coconut prices, he said.
The cabinet of ministers approved a proposal by Plantation Industries Minister Navin Dissanayake to reduce import taxes on edible oil as a short-term strategy to maintain domestic coconut prices.
The special commodity levy on a kilo of coconut oil will be cut to Rs130 from Rs150, the SCL on a kilo of crude coconut and crude palm oil will be cut to Rs110 from Rs130 and the SCL on a kilo of palm kernel and processed palm oil will be cut to Rs130 from Rs150.
(COLOMBO, Feb 15, 2017)