Customs Import Duty to be revised to phase out para-tariffs

 

President Ranil Wickremesinghe says the current rates of Customs Import Duty will be revised to accommodate the proposed phasing out of para-tariffs / levies with effect from January 01, 2023. 

Accordingly, CESS levy will be eliminated on a phased basis in three years commencing January 01, 2023, to promote the manufacturing industry, remove the existing barriers to international trade and provide necessary incentives and facilities for local industries and projects including agriculture, President Wickremesinghe says. 

“Accordingly, I am revising the current rates of Customs Import Duty from 0%, 10% and 15% to 0%, 15% and 20% to accommodate the proposed phasing out of para-tariffs / levies effective from January 01, 2023.”