The proposal submitted to the Cabinet regarding the introduction of a new Excise Act has been approved.
The related cabinet decision states that the need to amend the Excise Ordinance introduced in 1912 to suit the needs of the time has been recognized.
Accordingly, it is stated that President Ranil Wickremesinghe as the Minister of Finance, Economic Stabilization and National Policy has submitted this proposal to introduce a new Excise Act to replace the Excise Ordinance and the Tobacco Tax Act.
The relevant proposal was presented as a proposal in the interim budget of 2022 and accordingly, the Cabinet has approved to advise a draft lawmaker to prepare a draft law for that matter. (Neth News, Divaina)