Cement Importers & Manufacturers Earns Over Rs.700.. Cut-Profit from a bag of Cement.

The Committee of Public Finance Has called into investigation after it has been revealed that local cement importers and manufacturers are making straight cut profit of 700 from a bag of cement.

According to what’s been reveled so far, once cement either through imported or through manufactured form being sold through the country and once all the taxes leveed at these product are deducted a nearly a Rs.700 is earned through by these cement manufacturers and importers as clear cut profit.

These revelations were made at the Committee of Public Finance Chaired by Minister Patali Champika Ranawaka where he had presumed duties temporarily in the absences of it’s chair Mr. Harsha de Silva.

Minister Patali Champika ordered the Ministry of Finance and the Ministry of Urban Development and Construction to give a report and conduct an investigation into the matter. “There is considerable discrepancy between the price being sold and the value when all the Taxes added on Cement is deducted”.

The order given to increase the Cess levied  on imported cement and raw materials by 2 Rupees per kilogram has also been discussed where Mr. Patali Champika Ranawaka has pointed put out local construction industry will badly effected by this decision.

Within the committee they have also discussed situation where construction proceedings of many lower income to middle income houses were been disturbed due to the initiation of construction projects been conducted by Urban Development Authority.

The committee has emphasized government decision to increase levees on essential construction products and materials, for the sake of increasing it’s tax revenue had a drastic effect on the society and it should have been  properly evaluated before such decisions were to be implemented.

Because as of today it is evident for a house that would have costs 1.2 million to be constructed back in 2020. Today now it costs all most twice to be constructed.