Sri Lanka to introduce National Tariff Policy, new Customs Act
February 17, 2025 11:27 am
President Anura Kumara Dissanayake says that a National Tariff Policy and a new Customs Act will be introduced aimed at the development of Sri Lanka’s Export Industry.
Delivering the Budget Speech 2025 in Parliament, President Dissanayake said that the government will formulate a national export development plan for the period 2025 – 2029 in order to improve Sri Lanka’s goods and services exports capacity in a large-scale.
Further, he added that a simple, transparent and a predictable tariff framework will be formed based on a National Tariff Policy in order to remove the limitations for the exporters to reach the required high-quality raw materials at bearable cost.
The Head of the State also emphasized that Sri Lanka expects to generate export revenue of USD 19 billion this year.
Speaking further, the President said that the government will introduce a new Customs Act for increasing the efficiency of trade facilities and revenue collection activities amending the existing Customs Act. He noted that the legislation activities are already underway.
