All Ceylon Traditional Coconut Manufacturers calls for action against Rs. 5 b tax evasion by importers

Monday, 6 January 2025 04:22 - - {{hitsCtrl.values.hits}}

The All Ceylon Traditional Coconut Manufacturers Association recently alleged significant economic losses amounting to a staggering Rs. 5 billion due to tax evasion by importers.

Speaking out, Association Convener Buddhika De Silva urged the Government to take punitive measures immediately.

He emphasised the need for accountability and called for stringent actions to address what they view as a serious threat to the traditional coconut sector.

“The unchecked import practices have not only eroded State finances but also harmed local manufacturers reliant on the industry,” he claimed.

Although the Association did not specify particular instances of tax evasion, they highlighted the broader impact of unfair trade practices on a sector that remains vital to the country’s rural economy.

As coconut and related products are a significant contributor to livelihoods and foreign exchange earnings, the stakeholders expressed concern over the balance between imports and local production.