State Minister of Finance, Ranjith Siyamabalapitiya, has announced that immediate action will be taken to amend the Excise Ordinance Act.
Siyamabalapitiya highlighted that the current legislation is outdated and contains numerous discrepancies. He stated that amendments to the Act will be submitted promptly.
The Excise Ordinance Act is one of the oldest ordinances in the country, dating back over 100 years.
Despite being updated over 1,000 times to adapt to changing times, Siyamabalapitiya compared it to a patient with many plasters, highlighting that it fails to cover important matters and contains loopholes.
To address these issues and increase government revenue, the State Minister assured that measures are being taken to introduce suitable amendments and change the current Excise Ordinance Act.
