The Cabinet of Ministers has accepted the proposal to suspend the Special Commodity Levy Act from 1 January 2025, State Minister of Finance Ranjith Siyambalapitiya stated.
The State Minister also stated that the government intends to introduce new legislation aimed at safeguarding both consumers and local manufacturers.
Accordingly, the Cabinet of Ministers gave the nod to instruct the Legal Draftsman to prepare a Draft Bill to suspend the Special Commodity Levy Act, No. 48 of 2007 as the government has identified the need to suspend the legislation due to the 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.