The All Ceylon Traditional Coconut Manufacturers Association has raised concerns about substantial economic losses, alleging tax evasion by importers amounting to Rs. 5 billion.
Speaking on the matter, Association Convener Buddhika De Silva called on the Government to take immediate punitive measures to address this issue. He emphasized the urgent need for accountability and stringent actions to protect the traditional coconut sector, which is vital to the rural economy.
“The unchecked import practices have not only eroded State finances but also severely impacted local manufacturers dependent on the coconut industry,” De Silva stated.
While the Association did not cite specific cases of tax evasion, they stressed the broader implications of unfair trade practices on a sector crucial to the livelihoods of many and a significant contributor to foreign exchange earnings.
Stakeholders expressed concerns over the imbalance between imports and local production, urging authorities to ensure fair trade policies that protect domestic manufacturers and sustain the coconut industry’s economic role.