📈 CoPF Approves Key Tax Reforms & Telecom Tower Incentives

The Committee on Public Finance (CoPF), chaired by MP Dr. Harsha de Silva, has approved vital fiscal reforms from the 2026 Budget to drive digital transformation, regulate trade, and secure state revenue. • Telecom Infrastructure Growth: Approved a five-year tax holiday for new telecommunications towers operational on or after 1 January 2026 to expand countrywide connectivity. • Tax Relief Denied: Rejected a proposal allowing operators to claim tax relief on unpaid customer bills, citing fairness concerns for small businesses and protecting government revenue. • Textiles & Import Policy: Reviewed the removal of the cess levy on imported textiles alongside the imposition of an 18% Value Added Tax (VAT) effective 1 April 2026; VAT-registered businesses can recover this as input credits. • Trade & Administrative Measures: Approved new national subdivisions under HS Codes for Port and Airport Development Tax and Excise Tax to improve import classification. • Casino Probe ordered: Mandated an immediate investigation into online casinos using the official emblem of Sri Lanka under false claims of being "licenced," as no such licences have been issued. • Disaster Relief: Approved stamp duty exemptions on payment receipts to provide relief for individuals affected by natural disasters.