The Cabinet of Ministers has granted approval to draft a new Excise bill, replacing the century-old legislation.
Since the Excise Ordinance for the regulation of alcohol and tobacco usage and related businesses, issuance of relevant licenses and imposing taxes was implemented in 1912, measures have been taken to amend the relevant ordinance to suit the current needs.
The proposal for drafting the new Excise bill was put forward through the interim budget 2022, and now the Cabinet approval has been received to direct the legal draftsman to commence drafting of the new bill.
The proposal was presented to the cabinet by President Ranil Wickremesinghe as the Minister of Finance, Economic Stabilization and National Policy.
Source – Adaderana.lk