A bag of cement will cost Rs.100 less after the Committee on Public Finance (COPF) endorsed the proposal submitted by Finance Ministry officials to reduce the existing Cess tax on cement.
In addition to reducing the Cess tax on cement, the proposal submitted by the Finance Ministry officials to increase the amount of allowance given to the beneficiaries of the Aswesuma scheme has also been approved by the COPF. Finance Ministry officials were summoned to the COPF on January 8 and these two proposals were submitted by them to the COPF.
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 COPF 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 COPF approved the benefits to be provided to beneficiaries of the Aswesuma programme 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,six 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.
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