News
Special Commodity Act No 48 of 2007 to be suspended
The Cabinet of Ministers granted approval to the President as the Minister of Finance, Economic Stabilization and National Policies to instruct the Legal Draftsmen to draft a bill in order to suspend the Special Commodity Act No. 48 of 2007.
A Special Commodity tax has been imposed under the Special Commodity Act No. 48 of 2007 to recover one composite levy for facilitating in importing 64 commodities that are categorized under HS Code 210. The various issues that arose when implementing the tax, resulted in the decision to suspend the said act.