The amended sugar tax, which raised the rate from 25 cents to 50 rupees per kilogramme, will enhance government revenue by about Rs. 27 billion a year, according to Minister of Trade Nalin Fernando.
Speaking to the media on Thursday, November 9, Minister Fernando provided evidence to support the most recent sugar tax increase.
The minister stated that the action is crucial to cover government expenses and payments for disadvantaged individuals, even while it is seen by the government as a means of increasing revenue to demonstrate its adherence to an agreement with the International Monetary Fund (IMF).
The Minister of Trade went on to say that the tax, which is set at Rs. 50, can be computed by the public and that the government imports 45,000 metric tonnes of sugar each month.
