INSUBCONTINENT EXCLUSIVE:
The Cabinet of Ministers has given approval to prepare a new Excise expense, replacing the century-old legislation.Since the Excise
Ordinance for the guideline of alcohol and tobacco usage and related companies, issuance of appropriate licenses and enforcing taxes was
implemented in 1912, steps have actually been taken to amend the pertinent regulation to fit the existing needs.The proposition for
preparing the new Excise expense was put forward through the interim budget 2022, and now the Cabinet approval has actually been received to
direct the legal draftsman to begin preparing of the new bill.The proposal existed to the cabinet by President Ranil Wickremesinghe as the
Minister of Finance, Economic Stabilization and National Policy.
