Sri Lanka pushes for agricultural import duties

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The Sri Lankan Agriculture Minister, Mahinda Amaraweera, has recommended the imposing of import taxes on B-onions and potatoes in order to regulate the prices of market and to manage the imports. This plan is aimed at stabilizing the prices of these items by altering taxes in response to shortages on the market.

The production of potato as well as big onions began in the late 1980s under the administration of President J.R. Jayewardena, as part of the efforts to reduce imports while also protecting local agricultural. The crops have been subject to guard for many years, which reflects the general trend in changes in the economy and its challenges such as a shift to an open economy during 1977 and 1978 that was followed by an increase in inflation, and currency devaluation problems.

The need to consider new taxes comes amid a period of economic difficulties, with large portions of the population impacted by the currency crisis that will hit in 2022. The rate of poverty is high in Sri Lanka surged, affecting 31% of the people which is an increase by 4 million. The measures being considered are in spite of the financial strains on the population, and making clear the efforts of the government to make sure that agricultural policies are in line and economic reality.

Source: economynext.com

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Source: The Plantations International Agroforestry Group of Companies