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Wednesday Nov 06, 2024
Wednesday, 26 July 2023 00:28 - - {{hitsCtrl.values.hits}}
The Cabinet of Ministers approved to submit a resolution in the Parliament for approval, furnishing a rule that was previously published in the Government extraordinary Gazette notification No. 2336 / 71 dated 16 June.
President Ranil Wickremesinghe, in his capacity as the Investment Promotion Minister presented the resolution for the Parliament’s approval.
The rule was issued in accordance with the provisions of the Sri Lanka Export Development Act No. 40 of 1979. Its primary objective is to increase the Cess tax levied on the import of clinker, which is a crucial raw or interim material utilised in the production of cement, as well as in the manufacturing and marketing of cement products.
“The proposed amendment seeks to enhance State revenue earned from the import of cement and its related products, while simultaneously providing facilities and support to local manufacturers. By adjusting the Cess tax on clinker imports, the Government aims to strike a balance that encourages the growth of local cement industries whilst generating additional revenue for the State coffers,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.
The increased Cess tax is envisioned to create a level playing field for local cement manufacturers, fostering an environment conducive to their growth and development. At the same time, the measure is expected to curb excessive imports of clinker, promoting domestic production and self-reliance in the cement industry.
