Finance State Minister Ranjith Siyambalapitiya has announced that the Cabinet of Ministers has accepted the proposal to suspend the Special Commodity Levy Act from January 1, 2025. Speaking to the media in Ruwanwella on Friday morning (29), the lawmaker stated that the government aims to introduce new legislation to safeguard both consumers and local manufacturers.
During its meeting held on Monday (25), the Cabinet of Ministers granted approval to instruct the Legal Draftsman to prepare a Draft Bill to suspend the Special Commodity Levy Act, No. 48 of 2007. The decision to suspend the legislation was made as the government identified 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.
