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PRESS RELEASE
opt June 2010
15% surcharge on import duty removed Import duty on imported raw materials / machines reduced from 11% -8% Tax on mobile phones, cameras, wrist watches, electronics and motor vehicles slashed A 3 band tariff structure of 5, 15, 30 comes into operation
Taking major steps towards simplifying and broad basing the tax structure, His Excellency the President in his capacity as the Minister of Finance and Planning, has removed the 15 percent surcharge on custom duty with effect from opt June 2010. In order to provide a boost to the rapidly recovering post conflict economy, the 2.5 percent import duty on most raw materials, plant and machinery has also been abolished. Multiplicity of custom duty structure has been simplified with a four band duty structure of 0, 5, 15 and 30 percent.
In support of the expanding tourism activity and rising level of tourist arrivals, the Government has also slashed duties on motor vehicles by 50 percent. To promote Sri Lanka as an attractive shopping center for internationally branded products of phones, wrist watches, cameras and electronics have also been brought down below 10% of overall taxes. These items will be liable only for Port Levy and Nation Building Tax and have exempted from VAT and Cess. A distortionary Cess has also been scaled down to boost domestic activities. Cess will be maintained only for selected import affecting domestic activities which required safeguard from unfair import competition. In order to further support for local value added activities while making raw materials, plant & machinery imports available at zero duty, the Government is also working towards providing antidumping legislation, labeling legislation, prescription of quality standards etc to improve the enabling environment for home based industries.
As Government is moving towards a simple tax structure, all essential commodities will be liable at the point of imports only for special commodity levy. This will minimize the cumbersome administrative procedures particularly for small traders who are generally engaged in such import business.
-Ministry ofFinance and Planning-
opt June 2010
15% surcharge on import duty removed Import duty on imported raw materials / machines reduced from 11% -8% Tax on mobile phones, cameras, wrist watches, electronics and motor vehicles slashed A 3 band tariff structure of 5, 15, 30 comes into operation
Taking major steps towards simplifying and broad basing the tax structure, His Excellency the President in his capacity as the Minister of Finance and Planning, has removed the 15 percent surcharge on custom duty with effect from opt June 2010. In order to provide a boost to the rapidly recovering post conflict economy, the 2.5 percent import duty on most raw materials, plant and machinery has also been abolished. Multiplicity of custom duty structure has been simplified with a four band duty structure of 0, 5, 15 and 30 percent.
In support of the expanding tourism activity and rising level of tourist arrivals, the Government has also slashed duties on motor vehicles by 50 percent. To promote Sri Lanka as an attractive shopping center for internationally branded products of phones, wrist watches, cameras and electronics have also been brought down below 10% of overall taxes. These items will be liable only for Port Levy and Nation Building Tax and have exempted from VAT and Cess. A distortionary Cess has also been scaled down to boost domestic activities. Cess will be maintained only for selected import affecting domestic activities which required safeguard from unfair import competition. In order to further support for local value added activities while making raw materials, plant & machinery imports available at zero duty, the Government is also working towards providing antidumping legislation, labeling legislation, prescription of quality standards etc to improve the enabling environment for home based industries.
As Government is moving towards a simple tax structure, all essential commodities will be liable at the point of imports only for special commodity levy. This will minimize the cumbersome administrative procedures particularly for small traders who are generally engaged in such import business.
-Ministry ofFinance and Planning-
