Colombo (News 1st): The Cabinet has approved a five-year government plan to phase out protective tariffs. The state information office said in a statement, the plan proposed by Finance Minister Mangala Samaraweera will phase out para-tariffs imposed to raise government revenue and protect domestic industries from imports during 2020-2024.

Para-tariffs to be removed include the special commodities levy, port and airport development levy, and commodity export support cesses.

The statement adds, tariffs will be phased out while ensuring protection for deserving products and industries through a system of cascading tariffs and countervailing duties to prevent imports below cost flooding the local market.

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