Sri Lanka cuts cement levy to boost imports

MG News | September 11, 2024 at 08:36 PM GMT+05:00

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September 11, 2024 (MLN): The Sri Lankan government has decreased the cess levy on imported cement by Rs1 per kilogram, with effect from September 6, as announced by the Finance Ministry of Sri Lanka.

This revision, made under the powers granted to the Minister of Investment Promotion, with the concurrence of the Minister of Finance, is under Section 14 of the Sri Lanka Export Development Act, No. 40 of 1979, according to media reports.

Earlier, on June 3, 2020, the cess on various types of cement, including white cement and different types of Portland cement, was amended from percentage rates to specific charges per kilogram, and this adjustment took effect from July 1, 2020.

The cess is calculated on the total value of the products for customs duty purposes, plus an additional 10% of that value.

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