Tuesday, February 27, 2024
HomeNewsVAT increase has no major impact on market: Minister

VAT increase has no major impact on market: Minister

A research carried out by the Consumer Affairs Authority (CAA) has revealed that the Value Added Tax (VAT) increase has not caused a major stir in the market during the first few days of this month, State Minister of Finance Ranjith Siyambalapitiya informed Parliament today.

Answering a question raised by SJB MP S.M. Marikar during the Prime Minister’s question session, State Minister Siyambalapitiya said the price of coconut oil, dhal, wheat flour and some varieties  of rice have not changed despite the VAT increase.

A litre of coconut oil cost Rs. 600 before and after the VAT increase, a kilo of red dhal cost Rs. 320 a kilo, wheat flour Rs. 220 a kilo even after the VAT increase.

He said the price of an egg has gone down to Rs. 51 after the VAT increase while the price was Rs. 60 before the VAT increase.

“The market has not got excited about the VAT increase though there is excitement among MPs,” the state Minister added.

Responding to these remarks, MP Marikar said around 500 outlets of a major supermarket chain in the country have been closed down after the turn of the new year as a result of the down turn of their business.

-daily mirror

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