Wednesday Feb 18, 2026
Wednesday Feb 18, 2026
Thursday, 12 February 2026 03:12 - - {{hitsCtrl.values.hits}}
Stakeholder engagement on proposed tariff reforms under the 2026 Budget has commenced, with the Government initiating consultations aimed at supporting domestic industries while aligning trade policy with broader economic growth objectives.
The initiative is being jointly carried out by the Finance, Planning and Economic Development Ministry, the Industry and Entrepreneurship Development Ministry, the World Bank, and other relevant agencies.
It seeks to create awareness and gather stakeholder input on the proposed Four-Band Tariff Policy, which forms a key component of the Government’s fiscal and industrial strategy.
The Four-Band Tariff Policy is expected to rationalise the existing tariff framework, improve predictability for businesses, and enhance fiscal sustainability.
By streamlining duties and aligning them with internationally recognised classifications, the Government aims to create a more transparent and competitive trade environment while safeguarding key domestic sectors.
Officials explained that the proposed tariff reforms are aligned with the Government’s broader objective of boosting exports, strengthening domestic industries, and facilitating sustainable economic growth. The new tariff structure has been drafted in accordance with the UN Broad Economic Classification (BEC) Revision 5 to ensure international consistency, transparency, and simplification of the tariff regime.
In this context, the Department of Trade and Investment Policy organised an Awareness and Consultative Program on Tuesday (10) at the Galle Face Hotel in Colombo. The half-day session brought together policymakers, development partners, and private sector representatives to review the proposed tariff structure and engage in dialogue on its potential impact.
The event was attended by Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe, Treasury Secretary Dr. Harshana Suriyapperuma, Trade, Commerce, Food Security and Co-operative Development Ministry Secretary K.A. Vimalenthirarajah, and Industry and Entrepreneurship Development Ministry Secretary Thilaka Jayasundara. World Bank Group Senior Economist Richard Walker and members of the World Bank team were also present.
Senior officials from the Finance Ministry, including Deputy Secretaries to the Treasury A.K. Seneviratne and A.N. Hapugala, participated in the discussions. Representatives from the National Tariff Policy Committee, the Industry Advisory Committee, trade chambers, and other State institutions were also in attendance.
The consultative process is expected to continue, with feedback from industry stakeholders playing a role in finalising the tariff reforms prior to implementation. Officials described the engagement as part of a broader effort to ensure that trade and fiscal policy reforms are inclusive, evidence-based, and supportive of the country’s long-term economic recovery.
