Sri Lanka cuts edible oil taxes to boost imports
The Special Commodity Levy will be reduced to enable import of 40,000MT of edible oil required for four months of consumption, Media Minister Gayantha Karunatilleke told a news conference.
The Coconut Research Institute has forecast the coconut harvest may fall 14% in January – August 2017 from a year ago and lead to an increase in coconut prices, he said.
The cabinet of ministers approved a proposal by Plantation Industries Minister Navin Dissanayake to reduce import taxes on edible oil as a short-term strategy to maintain domestic coconut prices.
The special commodity levy on a kilo of coconut oil will be cut to Rs130 from Rs150, the SCL on a kilo of crude coconut and crude palm oil will be cut to Rs110 from Rs130 and the SCL on a kilo of palm kernel and processed palm oil will be cut to Rs130 from Rs150. ■
What to read next
More inside POST
Nokia profits jumps 73 percent Earnings
Port of Los Angeles breaks records Companies