Surcharge tax on diesel, petrol and crude oil at point of importation
November 14, 2022 04:19 pm
President Ranil Wickremesinghe says that a surcharge tax will be charged at the point of importation, on diesel, petrol and crude oil.
He announced this while delivering the 2023 Budget Speech in Parliament today (14).
He also said that the unit rate (Fixed Rate) of the Customs Import Duty and CESS Levy will be adjusted absorb in line with the Rupee depreciation and for avoidance of under-invoicing and under-valuation at the point of Customs clearance.
Accordingly, Customs Import Duty on a total of 378 selected HS Codes will be adjusted under the Export Development Board Act, No.40 of 1979, effective from November 15, 2022.
The HS Code 2022 version will be implemented effective from January 1, 2023.
The existing three band tariff system of 0%, 10% and 15% will be revised as a three-band tariff of 0%, 15% and 20%.
The President further said fees and charges which have not been revised for three years from 2020 to 2022 will be increased by 20%.
