Tax Exemption For Importation Of Rice

Tax Exemption For Importation Of Rice
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The cabinet has approved a proposal to exempt the private sector from taxes to import 100,000 metric tonnes of rice.

The Secretary of the Commerce Ministry, T.M.K.B. Tennakoon said that the government had given the green light for the private sector to import 100,000 metric tonnes of rice. He added that the imported stocks would be released to the market under government administration. He further stated that this decision had been taken by the Cabinet sub -committee on the cost-of-living and asserted that this duty-free import would help control any volatility in price in the open market.

He also stated that tenders had been sought to import 10,000 metric tons of rice from India while 20,000 metric tons of paddy will be released to mill owners by the Paddy Marketing Board with the help of Lak SATHOSA who will release such stocks to the market.

According to rural economic affairs minister P. Harrison, Sri Lanka produced 2.5 million metric tons of paddy in the 2015-16 Maha season and 1.3 million MT in the 2016 Yala season.

 

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