Four-year plan to gradually phase out import cess tax on selected goods

Sri Lanka, March 5 -- The Cabinet of Ministers on Tuesday (3) approved a four-year plan to gradually phase out the import cess tax imposed on selected goods, starting in 2026 and continuing until 2029, Cabinet Spokesman and Health and Mass Media Minister Dr.Nalinda Jayatissa announced.

Speaking at the weekly Cabinet media briefing yesterday (4), he said the decision aims to reduce production costs, strengthen the competitiveness of Sri Lankan exports in global markets, and support industrial growth. He noted that the continued expansion of cess taxes and other non-customs import duties has increased the cost of intermediate goods used in production.Sri Lanka banking

"As a result, the competitiveness of locally manufactured products in int...