President Anura Kumara Dissanayake has proposed a 25% reduction in existing CESS rates applicable to 800 selected Harmonized System (HS) code lines as part of the Government's efforts to simplify Sri Lanka's import tax structure and reduce trade-related costs.
Presenting the 2027 Budget in Parliament today (12), the President said the proposal was aimed at improving the competitiveness of the economy through a phased reduction of import tariffs.
Under the proposal, existing CESS rates on the selected 800 import categories will be reduced by 25%, helping streamline the import tax system and ease costs associated with international trade.
PAL on Imported Newsprint to Be Removed
Meanwhile, the Government has proposed removing the existing 10% Ports and Airports Development Levy (PAL) imposed on imported newsprint classified under specified Harmonized System codes.
The exemption is scheduled to take effect from January 1, 2027.
The proposals form part of the Government's broader efforts to rationalise import taxation and reduce costs for businesses and importers.
