Press briefing of Cabinet Decision taken on 2024-03-25 (Subject to Confirmation at the next Meeting)

Submission of an Order to Parliament for approval as per the provisions of the Revenue Protection Act No.19 of 1962

- The Cabinet at its meeting held on 2023‑05‑29 has granted approval to resume the Sri Lanka's Tariff Liberalization Programme under the Sri Lanka - Singapore Free Trade Agreement. Accordingly, an Order has been published through the Gazette Extraordinary Notification dated 2023‑06‑30 as per the provisions of the Revenue Protection Act No.19 of 1962 in order to eliminate the first annual installment of the Customs Import Duty imposed on 1,116 HS Codes classified with regard to Category 6 of the Tariff Liberalization Programme of the Sri Lanka - Singapore Free Trade Agreement, with effect from 2023‑07‑01. Approval of Parliament has also been received for the said Order on 2023‑10‑04. An Order has been published through the Gazette Extraordinary Notification dated 2024‑01‑04 as per the provisions of the Revenue Protection Act No.19 of 1962 in order to remove the Customs Import Duty applicable for 1,222 HS Codes classified under the Category 6 of the Tariff Liberalization Programme for the implementation of the second phase of the said Programme. As such, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to submit the said Order to Parliament for approval, was approved by the Cabinet.