Cabinet clears submission of Sri Lanka Export Development Act regulations for Parliament approval

Wednesday, 1 March 2023 00:30 - - {{hitsCtrl.values.hits}}

By Charumini de Silva

The Cabinet of Ministers on Monday cleared a proposal to submit the draft regulations under Sri Lanka Export Development Act No. 40 of 1979 to the Parliament.

Given the impact of the rupee depreciation as well as the cost of the global market, the value of insurance, and shipping charges, the CESS tax has been revised on the sub-quantities of precise units on selected goods under 677 combined classification codes (HS Codes).

On 14 November 2022, the relevant regulation for this was published via an Extraordinary Gazette notification under section 14 of the Sri Lanka Export Development Act No. 40 of 1979.

“Such regulations imposed as per the provisions of the said Act should be forwarded to the Parliament for its concurrence within four months from the date of publishing such regulations,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.

The proposal to this effect submitted by President Ranil Wickremesinghe as the Investment Promotion Minister was approved by the Cabinet of Ministers at its meeting on Monday.

Five-member ministerial committee to expedite Customs procedures

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.