Cabinet approves amendments to Port City law on tax regime and oversight

Thursday, 27 November 2025 06:01 - - {{hitsCtrl.values.hits}}

The Cabinet has approved a set of amendments to the Colombo Port City Economic Commission Act, No. 11 of 2021, aimed at revising the project’s tax framework, strengthening regulatory oversight, and restructuring institutional arrangements.

The decisions were made at Cabinet meetings held on 7 July and 13 October, where Ministers agreed that the existing law required changes to improve supervision of activities within Port City and to introduce what the Government describes as “encouraging” tax provisions to support investment.

Following these decisions, the Legal Draftsman prepared the amendment Bill, which has since received clearance from the Attorney General. The Cabinet this week approved the resolution submitted by the President, in his capacity as Finance, Planning and Economic Development Minister, to publish the draft Bill in the Gazette as part of the formal legislative process.

The proposed revisions are expected to shape the operational framework of Port City at a time when the Government is seeking to position it as a competitive services and investment hub.