Thursday Feb 26, 2026
Thursday Feb 26, 2026
Wednesday, 25 February 2026 00:21 - - {{hitsCtrl.values.hits}}
The Cabinet of Ministers on Monday approved the implementation of the updated National Tariff Policy based on recommendations submitted by the National Tariff Policy Committee.
The National Tariff Policy was originally introduced to establish a transparent, predictable and coherent tax structure aimed at supporting trade facilitation, attracting investment and strengthening fiscal management. However, Cabinet approval was granted at its meeting on 3 November 2025 to review the policy and introduce appropriate amendments to ensure compliance with relevant tax laws and address implementation challenges that had emerged.
Following this directive, the National Tariff Policy Committee conducted a detailed assessment of the existing tariff framework. The review examined provisions that were found to be inconsistent with updated economic, fiscal and trade-related data, as well as those not fully aligned with prevailing statutory requirements.
“The move marks a further step in aligning trade and fiscal framework with current economic realities,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the weekly post-Cabinet meeting media briefing yesterday.
The revision process also incorporated observations made by the Committee on Public Finance (COPF) of Parliament. The COPF had highlighted the need to remove procedural complications within the tariff regime and to ensure that implementation adhered strictly to legal and policy provisions.
He said the updated policy is expected to improve consistency in tariff application, reduce ambiguities and enhance compliance with tax legislation, while supporting broader macroeconomic objectives.
