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* Sri Lanka reduces import taxes on rice as prices escalate
Fri, Jan 6, 2017, 11:05 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 06, Colombo: The Sri Lankan government has decided to exempt the taxes on imported rice with immediate effect to arrest the escalation of prices in the domestic market.

The Ministry of Finance said the measure was taken to prevent the general public from facing difficulties due to the increase in prices of rice.

Accordingly, the government has decided to completely remove the 50 rupee import levy, the Value Added Tax of 15 percent, the 7.5 percent customs duty and the 2 percent Nation Building Tax on rice.

The Finance Ministry said the government will follow a special commodity levy of 15 rupees in place of the previous tax imposed on imported rice.

The concession will apply for the imports of Samba, Naadu and Red rice. The tax concession will not apply for the imports of Basmati rice.

The government recently instructed the Cooperatives Wholesale Establishment (CWE) under Ministry of Industry and Commerce to buy 20,000 metric tons of paddy (both White rice and Nadu) from the Paddy Marketing Board immediately and release the paddy to millers. The government also has decided to import 10,000 Metric tons of rice.

 


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