March 29, Colombo (LNW):Finance State Minister Ranjith Siyambalapitiya announced that the Cabinet of Ministers has approved a proposal to suspend the Special Commodity Levy Act from 01 January 2025. Speaking to the media in Ruwanwella on Friday morning (29), the lawmaker outlined the government’s intention to introduce new legislation aimed at safeguarding both consumers and local manufacturers.
During its meeting on Monday (25), the Cabinet instructed the Legal Draftsman to prepare a Draft Bill to suspend the Special Commodity Levy Act, No. 48 of 2007. This decision comes as the government has identified various challenges encountered during the implementation of the legislation.
The Special Commodity Levy Act imposes taxes on 64 commodities categorized under 210 HS Codes to facilitate their importation. However, recognizing the need for reform, the government plans to suspend this act and introduce new measures to address the concerns raised by consumers and local manufacturers alike.
The proposed suspension reflects the government’s commitment to creating a more favorable environment for both consumers and domestic industries. As preparations for the new legislation progress, stakeholders will closely monitor developments to ensure that the interests of all parties are adequately addressed.
