Sri Lanka enacts new tariff policy to liberalize trade, boost exports

Sri Lanka
By Editor_1
-economynext.com

COLOMBO – Sri Lanka’s Parliament has approved a resolution under the Customs Ordinance and two orders under the Sri Lanka Export Development Act, officially enacting a tariff overhaul aimed at streamlining and liberalizing its trade regime.

Lawmakers green lighted to the Resolution under the Customs Ordinance (Chapter 235) published in Extraordinary Gazette No. 2478/03 and also approved two orders targeting para-tariffs published in Extraordinary Gazette Nos. 2478/04 and 2479/38 under the Sri Lanka Export Development Act.

The tariff adjustments had already delivered in terms of government revenue, Deputy Minister of Economic Development Nishantha Jayaweera told Parliament, with customs import duty revenue from April 1 to May 15 rising to 39 billion rupees in 2026, from 24 billion rupees during the same period in 2025.

The revenue surge follows the implementation of a new four-tier National Tariff Policy on April 1, which replaced the previous three-tier system of 0%, 15%, and 20%.

The updated framework structures import duties into four bands of 0%, 10%, 20%, and 30%, aligned with the UN Broad Economic Categories (Revision 5).

A total of 8,225 HS Codes are subject to this overhaul.

Under the new allocations, 3,056 codes (essential goods, medicines, and machinery) drop to 0%, 406 codes (basic industrial and intermediate goods) are taxed at 10%, 2,195 codes are fixed at 20%, and 582 codes (luxury and domestically manufacturable items) face a 30% rate.

Mixed rates apply to 411 codes, while 875 codes under specific rates remain unchanged.

“Simplifying our tax policy is a primary goal. This will improve transparency and eliminate para-tariffs, which have been a major barrier when entering into international trade agreements,” Jayaweera said.

Alongside the tariff adjustments, the government is phasing out the CESS duty across four stages to eliminate para-tariffs by 2029.

While 37 HS Codes face newly introduced CESS duties, 17 codes for edible oils saw their CESS removed entirely.

The phase-out will hit five categories. For 46 economic-rate HS Codes, CESS is entirely abolished in 2026. For 693 intermediate and capital goods codes, the levy drops by 50% in 2026, and 25% each in 2027 and 2028.

107 specific codes will see CESS phased out by 25% in 2027, 25% in 2028, and 50% in 2029.

Additionally, CESS on 265 textile codes is removed in 2026 alongside a new import VAT, while 1,523 consumer goods will see CESS fully eliminated by 2029.

“The removal of CESS duties on intermediate goods will directly lower raw material costs. This will open a favourable export market for our local entrepreneurs,” Jayaweera said.

–economynext.com

Editor_1
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