Sri Lanka to implement revised national tariff policy
Sri Lanka’s cabinet of ministers have approved a proposal to implement the updated National Tariff Policy based on recommendations by the national tariff policy committee, minister Nalinda Jayatissa said.
“The National Tariff Policy was introduced to establish a transparent, predictable and coherent tax framework to support Sri Lanka’s trade, investment and fiscal objectives,” Jayatissa told reporters.
A previous cabinet decision approved a review of the policy and introducing amendments to ensure compliance with relevant tax laws and to address issues rising in the implementation of the policy.
“The National Tax Policy Committee has reviewed the recent economic, fiscal and a detailed review of the provisions of the tariff policy that are not fully consistent with the trade-related data and applicable laws and regulationss.”
Observations by the Parliament’s Committee on Finance on removing inconsistencies in the policy and making it consistent with the policy provisions and constitutional requirements have been considered during the review, Jayatissa said.
