The Finance Ministry has announced a reduction in the cess levy on imported cement by Rs. 1 per kilogram, effective from 6 September 2024. This adjustment was made under the authority of Ranil Wickremesinghe, Minister of Investment Promotion, and with the agreement of the Minister of Finance, Economic Stabilisation, and National Policies.
This decision revises the previous levy structure established under the Sri Lanka Export Development Act, No. 40 of 1979. The reduction follows earlier amendments to the cess rates on various types of cement, which were last updated in June 2020. At that time, the cess rates for white cement, water-proof cement, boiler cement, and other Portland cements were adjusted to facilitate trade.
Under the Sri Lanka Export Development Act, cess is calculated based on the value of the products for customs duty purposes, along with an additional amount equal to 10% of such value.
This reduction aims to ease the cost of imported cement, potentially benefiting both the construction industry and consumers.