Finance Secretary says sugar tax reduction did not result in losses

Finance Secretary says sugar tax reduction did not result in losses

Finance Secretary says sugar tax reduction did not result in losses

Written by Staff Writer

12 Mar, 2021 | 7:11 pm

Colombo (News 1st); Finance Secretary S.R. Attygalle has dismissed claims that the reduction of an import levy on sugar had resulted in losses to the country.

“Sugar was imported to the country from the 13th of October last year to the 10th of February. We did not receive tax revenue worth Rs. 49.75 for a kilo of sugar. That does not mean that we lost revenue. This is the policy,” he said.

However, the Finance Secretary said 60,000 metric tonnes of sugar was imported to the country from the 9th of February to the 10th of March adding if that is the case, the purported losses must be multiplied by rS. 49.75/- to calculate the profit.

He went on to note that the cost of sugar had reduced from Rs. 135 /- to Rs. 114/- and it happened because the tax was reduced.

He said if the tax had not been reduced, the cost of sugar might have risen from Rs. 135/- to Rs. 170/-

Therefore the people have begun to receive the benefit of this gradually, said the Finance Secretary adding the government has the right to change the tax rates for the benefit of the public.

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