Govt. moves to expand CESS waiver to large projects

Wednesday, 12 May 2021 00:22 - - {{hitsCtrl.values.hits}}

Cabinet approval given to submit Gazette to P’ment
CESS exemption given to projects above $ 50 m to be expanded

Cabinet has approved submitting a previously issued Gazette giving CESS exemptions to large projects before Parliament for approval.

Goods imported for any project with an investment of $ 50 million or more, which were operational on or after 6 March 2019, are exempt from CESS tax prior to the commencement of commercial activities on that project. However, there are no provisions for CESS exemption for large projects that carry out operations in stages.

Therefore, the proposal tabled by Trade Minister Bandula Gunewardena before Cabinet this week, to submit a previously issued gazette notification on the CESS exemption to Parliament under the Sri Lanka Export Development Act No. 40 of 1979, was approved by the Cabinet of ministers, a short statement released by the Government Information Department said.