September 08, Colombo (LNW): The Ministry of Finance has announced a reduction in the cess levy on imported cement, lowering the charge by Rs. 01 per kilogramme.
This adjustment took effect from September 06, 2024 and is expected to provide some relief to the construction sector, which has been impacted by rising material costs.
The decision to revise the levy was made under the authority of President Ranil Wickremesinghe, who holds the portfolio of Minister of Investment Promotion. The change was implemented in accordance with Section 14 of the Sri Lanka Export Development Act, No. 40 of 1979, with the approval of the Minister of Finance, Economic Stabilisation, and National Policies.
The reduction in the levy aims to promote investment in the construction industry by easing financial pressures and potentially encouraging increased activity in infrastructure development.
Given the importance of cement as a key raw material in construction, the government hopes this move will stimulate growth, especially in public and private construction projects.
