Thursday Nov 07, 2024
FT
Thursday Nov 07, 2024
Friday, 29 March 2024 00:28 - - {{hitsCtrl.values.hits}}
|
State Minister of Finance Ranjith Siyambalapitiya
|
State Minister of Finance Ranjith Siyambalapitiya yesterday clarified that the reduction in the Special Commodity Levy on rice was not to allow import of rice but to clear a stock of rice currently held up with the Customs.
The clarification follows the Government’s decision to reduce the Special Commodity Levy on rice from Rs. 65 per kilo to Rs. 1 for a period of one week to so that importers can secure the release of the rice stocks from customs.
“In January, a stock of Keeri Samba rice was imported to control the escalating prices and shortage in the market. However, a part of that imported stock of rice was held up with the customs due to a delay in receiving the stock. This move will not lead to import of new rice stocks as the reduction will be effective only for a week. The importers must clear the rice stocks with the Customs within a week,” Siyambalapitiya explained to journalists.
Commenting on the reduction of the Special Commodity Levy on big onion, he said the import levy on Rose onion was reduced from Rs. 80 per kilo to Rs. 10 to control the escalating big onion prices in the market.
“Rose onion is the best alternative to big onions. We want to bring the big onion prices to a reasonable level,” Siyambalapitiya said.
On Monday, the Cabinet of Ministers approved a proposal to instruct the Legal Draftsmen to draft a bill aimed at suspending the Special Commodity Act No. 48 of 2007. The decision was in response to various challenges encountered during the implementation of the Act, leading to its suspension.
The Cabinet Co-Spokesman Bandula Gunawardena highlighted the necessity of suspending the Act, citing various issues such as the recent sugar scam, which exposed loopholes within the legislation.
