Immediate measures are set to be taken pertaining to the amendment of the Excise Ordinance Act, State Minister of Finance Ranjith Siyamabalapitiya said.
Highlighting that the existing legislation is now severely outdated and thereby has many discrepancies within its provisions, the State Minister noted that amendments to the Act will be submitted promptly.
“The Excise Ordinance Act is one of the oldest ordinances in our country, being over 100 years old. This legislation has been constantly updated, with over 1,000 new announcements made to suit the relevant time. It is like a medical patient with a large number of plasters”, he said in this regard, emphasising that the Act fails to cover several key matters as it has many loopholes within its provisions.
Thus, in a bid to amend these existing loopholes and to maximise the revenue gained by the government, State Minister Siyamabalapitiya assured that measures are underway to introduce suitable amendments, and change the current Excise Ordinance Act.
