🥥 Budget 2026: Tax Parity Proposed for Imported Coconut & Palm Oils

• Level Playing Field: A key proposal in Budget 2026 aims to ensure a level playing field for domestic producers by changing the tax structure for imported coconut oil and palm oil. • Current System: Imported oils are currently subject to a Special Commodity Levy (SCL)—Rs. 150 per kilogram for coconut oil and Rs. 275 per kilogram for palm oil. Locally produced oil is subject to general taxes (VAT & SSCL). • Proposed Reform: The SCL on imported coconut oil and palm oil will be removed. • New Structure: Imported oils will instead be subjected to the general tax structure, including Value Added Tax (VAT) and the Social Security Contribution Levy (SSCL). • Implementation: This tax reform is proposed to be implemented from April 2026.