National Tariff Policy implementation to begin in 3-phases from January 2025

Thursday, 13 June 2024 01:35 - - {{hitsCtrl.values.hits}}

New policy aims to establish stable, predictable tariff framework, boosting competitive edge for trade and investment in Sri Lanka

The Government has decided to implement the National Tariff Policy in three phases starting January 2025.

The Cabinet of Ministers on Tuesday approved the implementation of the policy, which will be published through a Gazette notification under Section 101 of the Customs Ordinance to ensure awareness and compliance among stakeholders.

Sri Lanka’s investment climate has been negatively impacted by frequent tariff policy revisions aligned with the changing policies of successive Governments. A clear, simple, coherent and predictable tariff system is crucial for maintaining a competitive trade and investment environment.

“This policy aims to establish a more stable and predictable tariff framework, enhancing the competitive environment for trade and investment in Sri Lanka,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the weekly post-Cabinet meeting media briefing yesterday.

In response to this issue, he said a technical committee led by the Director General of the Department of Trade and Investment Policy of the Treasury, along with members from relevant agencies, was appointed on the advice of the Minister of Finance, Economic Stabilisation and National Policy.

“This committee, in consultation with the business and industry community and under the guidance of trade experts and Ministry Secretaries has formulated the new national tariff policy,” he added.

The proposal, presented by President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilisation and National Policies, received approval from the Cabinet of Ministers.

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