Sri Lanka warns traders who fail to lower prices after tax cuts
EconomyNext – Sri Lanka’s consumer protection authority has been asked to crack down on traders who fail to reduce retail prices in line with tax reductions in the recent government budget.
“I have received a number of complaints from consumers that the price reductions from the recent budget have not been passed to them yet," Minister of Industry and Commerce Rishad Bathiudeen said in a statement.
He said he has asked the Consumers Affairs Authority under his ministry to "move fast on errant traders who fail to give the recent budgetary benefits to consumers."
A hotline number, ‘1977’, has been set up for complaints.
The budget presented last month slashed taxes on a range of food items and also further reduced fuel prices.
A litre of kerosene was reduced by six rupees, a kilo of sugar by 10 rupee, a 400 gramme packet of milk powder was reduced to 325 rupees, and tax on wheat flour reduced by 10 percent, bringing wheat flour prices down by 12.50 rupees and a loaf of bread by six rupees.