Govt. to suspend imposing recently increased levy on imported coconut oil

COLOMBO (News1st): The government will suspend imposing the recently increased special commodity levy on coconut oil from Friday, state documents showed. Last week, the government had increased the levy on coconut oil and palm oil by Rs 100 with documents showing that the hike will be in effect for three months from April 10. The move came as the Sri Lankan rupee slid to a record low of Rs 200.47 against the US dollar on April 9. However, the rupee traded slightly firmer against the US dollar ending at Rs 195.58 on Thursday, central bank data showed. Prime Minister Mahinda Rajapaksa, as finance minister, will issue a gazette declaring that the increased levy is not charged on coconut oil for three months starting from April 17.