Special Commodity Levy to be Scrapped From Next Year - Ranjith Siyambalapitiya

COLOMBO (News 1st); State Minister of Finance Ranjith Siyambalapitiya said the Special Commodity Levy that was imposed to protect the local farmers and producers would be scrapped from January 2025 and a new tax system based on seasons would be introduced.

State Minister of Finance Ranjith Siyambalapitiya said a new tax based on seasons would be introduced to protect the local farmers and producers from next year.

The State Minister said the decision to scrap the Special Commodity Levy was taken as the benefit of the Special Commodity Levy did not pass to the consumers most of the time as the prices of goods were not reduced even when the said Levy was reduced.

He said the seasonal tax would be introduced after identifying the period of time when the local produce reached the market just as in other developed countries.