Special Commodity Act No.48 of 2007
Special Commodity Act No.48 of 2007 Download
Special Commodity Act No.48 of 2007 is an act to provide for the imposition of a composite levy on certain specified commodity items in lieu of the amount chargeable on such commodity items as a tax, duty, levy, Cess or any other charge in order to overcome the complexities associated with the application and administration of multiple taxes on such specified commodity items; and to provide for matters connected therewith or incidental thereto.
The Act provides that from and after the date of the coming into operation of this Act, there shall be imposed a levy to be called the “Special Commodity Levy” on certain commodity items which shall from time to time be specified by the Minister by Order published in the Gazette.
The period of validity of every such Order and the rate of the Special Commodity Levy to be imposed in respect of each such specified item, either on ad valorem or specific basis, shall also be specified in the Order.
Every such Order which is valid for a period of over thirty days, may be amended or varied by adding thereto or removing therefrom any item or by revising the rates specified therein. No such Order may be amended or varied until the expiration of thirty days from the date of the making thereof.
The Special Commodity Levy so imposed shall be a composite levy and during the period any such Order is in force, no other tax, duty, levy or cess or any other charge imposed in terms of any of the laws specified in the Schedule to this Act, shall be applicable in respect of the commodity items specified in any such Order.
These laws are:
- The Finance Act, No. 11 of 2002 (Part I).
- The Value Added Tax Act, No. 14 of 2002.
- The Finance Act, No. 5 of 2005 (Part I):
- The Customs Ordinance (Chapter 235).
- The Sri Lanka Export Development Act, No. 40 of 1979.
- The Excise (Special Provisions) Act, No. 13 of 1989
The Special Commodity Levy so imposed in lieu of any tax, duty, levy or cess or any other charge imposed in terms of any of the laws specified in the Schedule to this Act, shall notwithstanding anything to the contrary in this Act, be collected, administered and recovered by the Director General of Customs, in accordance with the provisions of the Customs Ordinance (Chapter 235) and the shame should be remitted to the Consolidated Fund.
Where any commodity item is made subject to a such Order, the rate payable in respect of such commodity item shall be such rate as is applicable to such item at the time of submission of the Bill of Entry.
Every such Order shall be approved by Resolution of Parliament as soon as convenient thereafter; and, if not approved by Parliament, be deemed to be rescinded with effect from the date of such resolution, without prejudice to anything previously done thereunder.