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| Monday, 18 October 2004 |
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by Rajmi Manatunga The Plantation Ministry has proposed the imposition of an import tax on all palm oil products in next year's budget with a view to control the increasing flow of palm oil into the country. Ministry sources told the Daily News that the step was aimed at improving the country's coconut industry which has been severely affected by the importation of palm oil. Accordingly, it has been proposed that a Rs 3,000 tax be imposed on each tonne of palm oil imported to the local market. According to Ministry statistics, Sri Lanka imports palm oil worth 1.6 million of the country's total coconut production annually for cooking purposes. "This has discouraged the local coconut oil industry and made it a net loser in recent years," the spokesman said. It is also reported that the majority of palm oil brands imported to Sri Lanka are low in quality than coconut oil. "The genuine palm oil which is equal to coconut oil in quality is produced out of the kernel of the palm. However, most palm oil brands imported to Sri Lanka are those produced from the husk. But consumers are unaware of this," CCB Chairman H.A.J Gunathilaka said. An estimated Rs 550 million is expected to be collected out of the proposed import tax which is to be spent on improving the coconut industry and other related industries. |
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