Cabinet Approves Submission of Sri Lanka Export Development Act Regulations to Parliament
On Monday(27), the Cabinet of Ministers approved a proposal to present the draft regulations of the Sri Lanka Export Development Act No. 40 of 1979 to the Parliament.
This decision was taken in response to the impact of rupee depreciation, global market costs, insurance, and shipping charges, leading to the revision of the CESS tax on specific units of selected goods under 677 combined classification codes (HS Codes).
As per an Extraordinary Gazette notification published on November 14, 2022, such regulations must be sent to Parliament for approval within four months of their publication, according to Cabinet Co-Spokesman and Minister Bandula Gunawardena’s statement during the post-Cabinet meeting media briefing.
The proposal was submitted by President Ranil Wickremesinghe, who was then serving as the Investment Promotion Minister.