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Minister defends tax on cement

Written by Writer on Wednesday, November 12th, 2008

Minister defends tax on cement

Tuesday, 11 November 2008

Minister of Trade, Marketing Development, Cooperatives and Consumer Affairs, Bandula Gunawardena”The country produces 1.7 million metric tonnes of cement annually and imports 2.2 million metric tonnes to fulfill the annual demand of 3.9 million metric tonnes of cement,” said Minister of Trade, Marketing Development, Cooperatives and Consumer Affairs, Bandula Gunawardena in Parliament yesterday (10).

In response to an oral question raised by UNP MP Ravi Karunanayake in the House, Minister Gunawardena noted that the objective of imposing a 15% VAT on imported cement is to protect and encourage the local manufacturer. He added that cement and other items imported by the Building Material Corporation are subjected custom duties.

A 15% levy is charged as custom duties, a VAT of 1.5%, 3% Ports and Airport Levy and 1.3% social defense levy in importing cement.

“It is under these circumstances that the Building Material Corporation has guaranteed a retail price of Rs.750 for a 50kg bag of Cement,” he noted.

The Official Government News Portal of Sri Lanka

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News Topics : 11 November, Building Material, Cement, Circumstances, Consumer Affairs, Cooperatives, Government News, Levy, Marketing Development, Metric Tonnes, Objective, Oral Question, Parliament, Ports, Ravi Karunanayake, Retail Price, Sri Lanka, Trade Marketing, Unp Mp, Vat