The Cabinet of Ministers has approved the proposal presented by the President to implement the National Tariff Policy of Sri Lanka in three phases from January 2025.

It has also been approved to publish the said policy through a gazette notification under section 101 of the Customs Ordinance for the purpose of ensuring awareness and compliance of the concerned stakeholders.

The government states a clear, simple, coherent and predictable tariff system is a critical factor in maintaining a competitive environment for trade and investment within a country.

The competitive environment for investment in Sri Lanka has been adversely affected due to the revision of the tariff policy in accordance with the various policies introduced from time to time by the existing governments.

Considering the situation, a technical committee headed by the Director General of the Department of Trade and Investment Policy of the Treasury and members of relevant agencies has been appointed on the advice of the Minister of Finance, Economic Stabilization and National Policy to formulate a national tariff policy.

The committee has prepared a national tariff policy in consultation with the business and industry community under the guidance of trade experts and secretaries of ministries related to this subject.

Accordingly, the Cabinet approved the proposal presented by the President in his capacity as the Minister of Finance to implement the National Tariff Policy from January 2025.