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