2020 saw a steep decline in revenue as the government was forced to implement multiple travel restrictions and shut down non-essential sectors in order to curb the spread of Co-vid 19 across the island. In an attempt to preserve the nation’s reserves the government had also issued bans on various imports.
According to President Gotabaya Rajapaksa the governmental ban on imports of ethanol and turmeric has allowed the domestic market to expand. The ban has allowed for the State-owned sugar factories which were expropriated from the people back in 2011 to achieve profits, these factories historically recorded losses. Sri Lanka continues to levy higher tax rates for brown sugar instead of white sugar to give profit to the state-owned enterprises.
The president further added that the government hopes strategically ban the import of foreign tea to prevent blending with local grown tea and the re-export of pepper.
No.820, Mount Cresent,Malabe,Sri Lanka