Tokyo Cement customers to get direct benefit of tax cut
View(s):Tokyo Cement Group has announced that it will directly pass on the benefit of the recently announced tax cut by the Government, to all its customers.
The company, the country’s largest manufacturer and supplier of cement, made this announcement in a media statement following the government’s decision to remove the Nation Building Tax (NBT) and reduce the Value Added Tax (VAT) to 8 per cent from 15 per cent.
“This reduction in price will be applied on all cement brands of Tokyo Cement with immediate effect, and will result in the customers gaining a greater cost benefit. Tokyo Cement products include brands TOKYO SUPER and, NIPPON CEMENT, which together hold the largest share of the cement market. NIPPON CEMENT PRO, on the other hand, is the only cement in Sri Lanka specially formulated to produce concrete that can reach the highest strength grades for high-risers and super structures,” it said.
The tax revision which came into effect on December 1 is a welcome boost to the construction industry of Sri Lanka which is currently on a significant growth trajectory. Passing on this benefit directly to all customers, both individual consumers as well as commercial users, will encourage this growth momentum and benefit the entire industry.