Income tax on companies that benefited from 'midnight gazette' on Sugar imports

COLOMBO (News 1st); The Committee on Public Finance in the Sri Lankan Parliament issued a directive instructing the Ministry of Finance to impose an income tax on companies that made gains due to the 'midnight gazette' on sugar imports.

COPF Chairman Dr. Harsha De Silva posted on X, formerly known as Twitter, stating that customs data had revealed that companies that usually import only 2,000 MT of sugar monthly, had imported 10,000 MT sugar just before the tax was increased by 200-fold, from 25 cents to Rs. 50/- per kilogram.

The COPF Chairman said that such alleged exploitation must end, and this kind of manipulation can’t be ignored.

He said that specific companies allegedly exploited the system, reaping massive gains. 

"I emphasized the importance of eliminating 'midnight gazettes’ in line with IMF recommendations. Let's work together to ensure a fair & just system for all," he added.