Monday Nov 25, 2024
Monday Nov 25, 2024
Wednesday, 8 November 2023 00:00 - - {{hitsCtrl.values.hits}}
The Cabinet of Ministers on Monday approved amendments to the Customs Ordinance to enhance revenue collection, transparency, trade facilitation and compliance requirements.
The move comes after a thorough scrutiny of proposed changes to sections 47, 57 and 153 of the existing ordinance, as presented by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policies Minister.
On 13 October 2022, the proposed amendments were approved by the Cabinet, marking a key step towards modernising and streamlining Customs processes in the country. The changes will have far-reaching implications for businesses engaged in international trade, aiming to promote a more efficient and transparent framework.
In addition, a Ministerial Committee headed by the Ports, Shipping and Aviation Minister Nimal Siripala de Silva was appointed to study and report on the issues related to the release of goods detained by Sri Lanka Customs. Considering the recommendations presented by the Ministerial Committee, on 4 September 2023, the Cabinet approved to amend the relevant provisions of the Customs Ordinance.
“The word ‘ordinance’ itself explains how old or which era of law we are talking about. The amended ordinance will improve Sri Lanka’s position in the global trade arena by aligning its customs procedures with international best practices,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.
