BUSINESS NEWS

The Finance Ministry has been instructed to cut the sugar tax by almost 30 percent, a statement. The decision was taken by Finance Minister Mahinda Rajapaksa after a meeting with business leaders in the industry. The Finance Ministry on Saturday has ordered an immediate 40 percent reduction in the levy. The measure could reduce soft drinks prices by 30%, Prime Minister’s Office said.

Speaking to media at the Office of the Prime Minister Parliamentarian Bandula Gunawardena said the reduction in taxes is expected to boost production efficiency of the fruit juice manufacturing industry.Minister Gunawardena said the Finance Ministry had been asked to exempt only soft drinks that contain less than 6g of sugar and sweetened fruit drinks by up to 09 grams from the tax. The Ministry has been instructed to cut the tax to 30 cents from 50 cents per gram of sugar.
He also said those engaged in the soft drink and local fresh juice manufacturing industry expressed their gratitude over the reduction in taxes and vouched to increase productions.



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