đź”· The Committee on Public Finance approves to reduce the existing CESS tax on cement. The price of a bag of cement reduced by a 100 rupees.
🔸 Take necessary steps to obtain the income received through CESS directly to the respective financial institutions – COPF Chair instructs
🔸 The approval of the Committee on Public Finance to increase the amount of benefits given to the Aswesuma beneficiaries.
The Order presented by officials of the Ministry of Finance to reduce the prevailing CESS tax on cement received approval from the Committee on Public Finance. Accordingly, the price of a kilogram of cement will decrease by a rupee, leading to a reduction of approximately Rs. 100 per bag of cement, Ministry officials said.
Matters related to the said were discussed when the Committee on Public Finance met in Parliament on the 8th of January, Chaired by of Hon. (Dr.) Harsha de Silva, Member of Parliament.
Accordingly, Order under section 14 of the Sri Lanka Export Development Act, No. 40 of 1979 published in the Gazette Extraordinary No. 2400/25, Notification under Section 3(4) of the Strategic Development Projects Act, No. 14 of 2008 published in the Gazette Extraordinary No. 2399/16, Order under Section 3(4) of the Strategic Development Projects Act, No. 14 of 2008 published in the Gazette Extraordinary No. 2401/19, 06 Gazette Notifications published under 06 Orders under the Special Commodity Levy Act, No. 48 of 2007, and Notification under Welfare Benefits Act, No. 24 of 2002 published in the Gazette Extraordinary No. 2415/66 were taken into consideration by the Committee.
Considering Order under section 14 of the Sri Lanka Export Development Act, No. 40 of 1979 published in the Gazette Extraordinary No. 2400/25, the Chair of the Committee on Public Finance instructed officials of the Ministry of Finance to take necessary measures to ensure that revenue generated through the CESS tax imposed for export development is directly transferred to the relevant financial institutions.
Additionally, the Order to reduce the tax imposed on the export of rock boulders, which was introduced during the construction of the Hambantota Port, was also approved by the Committee. Accordingly, a tax of Rs. 1,000 per cubic meter will be levied for the export of one million metric tons of rock boulders.
In consideration of the Notification under Welfare Benefits Act, No. 24 of 2002 published in the Gazette Extraordinary No. 2415/66 The Committee on Public Finance approved the benefits to be provided to beneficiaries of the Aswesuma program by the end of this year. During the discussions, approval was given to increase the allowance for households under extreme poverty from Rs. 15,000 to Rs. 17,500, for households currently receiving Rs. 8,500 to Rs. 10,000, and for households receiving Rs. 2,500 to Rs. 5,000. The allowance of Rs. 5,000 for households in reception of the said amount was decided to be kept unchanged.
Whilst the Notification under Section 3(4) of the Strategic Development Projects Act, No. 14 of 2008 published in the Gazette Extraordinary No. 2399/16 pertaining to the Western Terminal of Colombo Port did not receive the approval of the Committee, it was decided to re-consider the Order under Section 3(4) of the Strategic Development Projects Act, No. 14 of 2008 published in the Gazette Extraordinary No. 2401/19 Regarding a garment factory to be built in Batticaloa on a later date.
Moreover, 06 Orders under the Special Commodity Levy Act, No. 48 of 2007 were taken into consideration with regards to extending the validity periods and reducing taxes.