Government decides to further reduce import duty on rice with immediate effect.

Government decides to further reduce import duty on rice with immediate effect.

The government has decided to further reduce the existing tax on imported rice with immediate effect. Accordingly, Special Commodity Levy on imported rice will be reduced to Rs.5 from Rs.15 with effect from midnight of January 27.

On the advice of His Excellency President Maithripala Sirisena and Honorable Prime Minister Ranil Wickremesinghe, Finance Minister Ravi Karunanayake has taken this decision in order to provide urgent relief to the people.

Special Commodity Levy has been reduced for imported varieties of brown raw rice, Nadu and Samba. However, the tax relief is not applied to Basmati varieties.

The government took this decision in response to the exploitation of consumers by certain unscrupulous traders who hoarded stocks and made fast money in the recent past.