Customs duty on 993 key raw materials removed [October 20, 2001 - 8:45 GMT]

The government has removed the customs duty on 993 imported raw materials with affect from midnight Friday.

Sri Lankan industrialists have for long been demanding the removal of customs duty on some key raw materials imported by the industrial sector. These representations were studied by a Joint Inter-Ministerial Committee, which has subsequently recommended the removal of the customs duty.

The government in its last budget presented in Parliament said, “The raw material generally processed or manufactured in Sri Lanka are subject to 5 per cent or 10 per cent duty. It is harmful to apply zero duty on all raw materials, as there are industries, which engage in the processing and manufacturing of such products. Therefore, the Government will reduce duty on raw material on the basis that they are essentially primary processing material in nature and not produced in Sri Lanka. This process will be implemented by a joint inter-ministerial committee.” 

The removal of the customs duty is expected to greatly benefit Sri Lankan industrialists.

Budget 2001

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Last Updated Date: October 20, 2001  - 8.45 GMT.