The government revenue will be boosted by around Rs. 27 billion annually due to the revised tax on sugar, which was increased from 25 cents to 50 rupees per kilogram, Minister of Trade Nalin Fernando said.
Addressing the media on Thursday (Nov 09), Minister Fernando presented data justifying the latest tax increase on sugar.
While it is considered a measure by the government to boost its revenue to prove its commitment to an International Monetary Fund (IMF) deal, the minister said the move is important to meet government expenditures and payments for vulnerable people.
The Minister of Trade further revealed that the government imports 45,000 metric tons of sugar a month and that the tax at Rs. 50 can be calculated by the people.
The government increased the import levy on Sugar from 25 cents to 50 rupees per kilogram overnight with effect from November 04, 2023.
The tax revision has raised concerns that the move had benefitted certain businessmen, while it had also brought to light the possible leak of information on the tax revision even before it was presented to the Cabinet for approval. (NewsWire)
