Part of the Rs. 16 billion lost to the state due to the reduction of the import duty on sugar will be recovered from the importers, said acting finance minister Ranjith Siyambalapitiya.
He told parliament yesterday (09) that only 24 per cent of the loss could be recovered as per the existing laws.
Siyambalapitiya presented a report compiled by the commissioner of inland revenue and gave an explanation in response to a question raised by Anura Priyadarshana Yapa.
The National Audit Commission has recommended recovering the revenue lost due to the reduction of the tax from Rs. 50 to 25 cents per kilo in October 2020.
