Mar10. (LBO) — The government doubled a cess on nonferrous metal exports in a move to keep down raw material costs of small scale brass and copper based metal based industries in Sri Lanka. A Ministry of Finance and Planning statement said Friday, the increased cess is as per an August 2005 gazette notification and under the 1979 Export Development Act.
The cess will be calculated on London Metal Exchange Prices, the statement said.
Board of Investment approved companies will however be exempt from the increased cess, but will be put on close watch to prevent a mismatch between imported metals and finished product exports.
Meanwhile all state institutions, including the armed forces, the electricity board, the public transport institutions and the railways have been ordered to turn in their scrap metal to the Industrial Development Board (IDB) at a reasonable price.
The price for the scrap will be decided by a committee that will be represented by the relevant state institution and the IDB.
The Finance Ministry hopes that the combined effect of Fridayâ€™s announcement would help curb the large scale export of scrap metal and give local industries access to raw