COPF Approves To Reduce CESS Tax On Cement

COLOMBO (News 1st); The Order presented by officials of the Ministry of Finance to reduce the prevailing CESS tax on cement received approval from the Committee on Public Finance. 

Accordingly, the price of a kilogram of cement will decrease by a rupee, leading to a reduction of approximately Rs. 100 per bag of cement, Ministry officials said.

Considering Order under section 14 of the Sri Lanka Export Development Act, No. 40 of 1979 published in the Gazette Extraordinary No. 2400/25, the Chair of the Committee on Public Finance instructed officials of the Ministry of Finance to take necessary measures to ensure that revenue generated through the CESS tax imposed for export development is directly transferred to the relevant financial institutions.

Additionally, the Order to reduce the tax imposed on the export of rock boulders, which was introduced during the construction of the Hambantota Port, was also approved by the Committee. Accordingly, a tax of Rs. 1,000 per cubic meter will be levied for the export of one million metric tons of rock boulders.