(UTV | COLOMBO) – The Government has not incurred a loss of Rs. 15 billion by reducing the duty on imported sugar from Rs.50 to Rs.25 cents per kilogramme, Secretary to the Ministry of Finance and the Treasury S.R. Attygalle emphasized yesterday.
Attygalle stated this while participating in a media briefing held at the Ministry of Finance last evening (12).
He said the Government had decided to reduce the special duty on a kilo of imported sugar from Rs. 50 to Rs. 25 cents on October 10, 2020. The tariff reduction amounts to Rs. 49.75 per kilo.
Attygalle explained that the General Treasury decided to reduce the tariff as a kilo of sugar which was received at the Colombo Port at a price of Rs. 72 was sold for Rs. 140 in the retail market at that time.
Due to the high price of sugar, the special tariffs on sugar were reduced to reduce the pressure on consumers, he said.
Accordingly, a kilo of sugar could have been imported duty free at Rs. 85 by December. As a result, it was possible to sell sugar at a low price of Rs.114 in the local market.
Attygalle said without considering this advantage, there is no truth in the allegation that the Government lost Rs. 49.75 per kilo of revenue for the total consignment of sugar brought into the country from October 10, 2020 to October 20, 2021.
The Secretary also said that the reduction of the special customs duty levied on the importation of certain goods when there is an increase in their prices in the international market was a process being implemented with the aim of providing relief to consumers.Deputy Secretaries to the Ministry of Finance and the Treasury Priyantha Ratnayake and Saman Fernando were also present at the media briefing.
