The Committee on Public Finance (COPF) has approved a proposal from the Ministry of Finance to reduce the prevailing CESS levy on cement, paving the way for a price reduction of approximately Rs. 100 per bag, according to Ministry officials.
This decision was reached during a recent COPF meeting in Parliament, chaired by Member of Parliament Dr. Harsha de Silva, as stated in a press release from the Parliamentary Communications Department.
Key Orders and Notifications Discussed
The committee deliberated on several key financial matters during the session, including:
- Order under Section 14 of the Sri Lanka Export Development Act, No. 40 of 1979 (Gazette Extraordinary No. 2400/25).
- Notifications under Section 3(4) of the Strategic Development Projects Act, No. 14 of 2008, published in Gazettes Extraordinary No. 2399/16 and No. 2401/19.
- Six Orders under the Special Commodity Levy Act, No. 48 of 2007, reflected in six separate Gazette Notifications.
- Notification under the Welfare Benefits Act, No. 24 of 2002, published in Gazette Extraordinary No. 2415/66.
Export Development Revenue Transfer
The committee instructed Ministry of Finance officials to ensure that revenue generated through the CESS tax imposed for export development is directly transferred to the relevant financial institutions, as outlined in the Order under Section 14 of the Sri Lanka Export Development Act.
Tax on Rock Boulder Exports
The COPF also approved a reduction in the tax on the export of rock boulders, initially imposed during the construction of the Hambantota Port. Under the new order, a levy of Rs. 1,000 per cubic meter will be applied for the export of one million metric tons of rock boulders.
This development is expected to streamline revenue allocation and support strategic financial goals while reducing costs for consumers.
