Reduction in Special Commodity Levy for rice only for a week – Siyambalapitiya says

Friday, 29 March 2024 00:28 - - {{hitsCtrl.values.hits}}

Govt. reduces Special Commodity Levy on rice from Rs. 65 per kilo to Rs. 1 for a week to clear stocks in customs
Says Special Commodity Levy on rose onion reduced from Rs. 80 to Rs. 10 to overcome big onion price hike

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.

Headline inflation dips to 0.9% in March from 5.9% in February

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.