Special Commodity Levy Act to be suspended from Jan. 2025

March 29, 2024 11:45 am

The Cabinet of Ministers has accepted the proposal to suspend the Special Commodity Levy Act from 01 January 2025, says Finance State Minister Ranjith Siyambalapitiya.

Speaking to the media in Ruwanwella on Friday morning (29), the lawmaker said the government intends to introduce new legislation aimed at safeguarding both consumers and local manufacturers.

At its meeting held on Monday (25), the Cabinet of Ministers gave the nod to instruct the Legal Draftsman to prepare a Draft Bill to suspend the Special Commodity Levy Act, No. 48 of 2007 as the government has identified the need to suspend the legislation due to the various challenges encountered during its implementation.

Under the Special Commodity Levy Act, a tax is imposed on a total of 64 commodities categorized under 210 HS Codes to facilitate the importation of these goods.

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