Cabinet Approves Updated National Tariff Policy to Boost Trade Coherence 📈

The Cabinet of Ministers has approved a revised National Tariff Policy to align Sri Lanka’s trade framework with current economic and fiscal conditions. The move follows a comprehensive review aimed at improving transparency and legal compliance. • Core Objective: To establish a predictable and coherent tax system that supports trade, investment, and fiscal management. • Key Revisions: The update addresses misalignments with recent economic data and ensures consistency with existing tax laws and statutory provisions. • Regulatory Oversight: The review incorporated specific recommendations from the Committee on Public Finance (COPF) to remove administrative complexities and ensure adherence to legal requirements. • Economic Impact: The policy aims to strengthen the ICT/BPM, manufacturing, and export sectors by providing a more transparent tariff structure, crucial for national employment and economic diversification. The implementation was approved following a resolution by the President in his capacity as the Minister of Finance, Planning, and Economic Development.