Approval granted to reduce CESS levy on cement

The order presented by officials of the Ministry of Finance to reduce the prevailing CESS levy on cement has received approval from the Committee on Public Finance (COPF). 

Accordingly, the price of a bag of cement will be reduced by approximately Rs. 100 , Ministry officials said.

Matters related to the said were discussed when the Committee on Public Finance met in Parliament recently, Chaired by Member of Parliament Dr. Harsha de Silva, the Parliamentary Communications Department said in a statement.

Accordingly, Order under section 14 of the Sri Lanka Export Development Act, No. 40 of 1979 published in the Gazette Extraordinary No. 2400/25, Notification under Section 3(4) of the Strategic Development Projects Act, No. 14 of 2008 published in the Gazette Extraordinary No. 2399/16, Order under Section 3(4) of the Strategic Development Projects Act, No. 14 of 2008 published in the Gazette Extraordinary No. 2401/19, 06 Gazette Notifications published under 06 Orders under the Special Commodity Levy Act, No. 48 of 2007, and Notification under Welfare Benefits Act, No. 24 of 2002 published in the Gazette Extraordinary No. 2415/66 were taken into consideration by the Committee.

Considering Order under section 14 of the Sri Lanka Export Development Act, No. 40 of 1979 published in the Gazette Extraordinary No. 2400/25, the Chair of the Committee on Public Finance instructed officials of the Ministry of Finance to take necessary measures to ensure that revenue generated through the CESS tax imposed for export development is directly transferred to the relevant financial institutions, the statement added.

Additionally, the Order to reduce the tax imposed on the export of rock boulders, which was introduced during the construction of the Hambantota Port, was also approved by the Committee. Accordingly, a tax of Rs. 1,000 per cubic meter will be levied for the export of one million metric tons of rock boulders, it added.