Special Commodity Levy on big onions reduced
December 1, 2024 11:15 am
The Government of Sri Lanka has reduced the Special Commodity Levy imposed on imported big onions to Rs. 10 per kilogram, to be in effect during the period from December 01 to December 31, 2024.
Accordingly, the government has implemented measures to reduce the Special Commodity Levy on big onions from Rs. 30 to Rs. 10, a reduction of Rs. 20.
Meanwhile, it has been decided to keep the Special Commodity Levy imposed on imported potatoes unchanged.
The Ministry of Finance, Planning and Economic Development announced that the relevant tax revisions have been published in a gazette notification dated 2024.11.30 and that the stipulations of the relevant gazette notification will be in effect from December 01 to December 31, 2024.
The Finance Ministry said that the move comes amid a notable rise in the market price of onions and concerns over potential price hikes for potatoes and other vegetables. These price increases are attributed to ongoing adverse weather conditions and the annual demand surge during the festive season.
Furthermore, the Finance Ministry added that the tax revisions were made base on the recommendations from the Ministry of Agriculture, Livestock, Lands, and Irrigation, and the Ministry of Trade, Commerce, Food Security, and Cooperative Development to balance the needs of both farmers and consumers, as the validity of the current gazette notification related to the matter concluded on November 30, 2024.
