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CoPF approves stamp duty hike, lifting key import bans
Daily FT
|June 24, 2025
Doubles stamp duty on property lease agreements from Rs. 10 to Rs. 20 per Rs. 1,000 effective from 1 April; expects to generate 0.01% of GDP in additional revenue Approves phased lifting of import restrictions imposed since 2020 under Import and Export (Control) Act; permits imports of used clothing (warm clothes) and motor vehicle spare parts Permits importation of gaming equipment and machinery for licenced casinos, with oversight mandated under Casino Business (Regulation) Act Directs Sri Lanka Customs to maintain detailed import records for casino-related equipment to ensure compliance CoPF Chief Dr. Harsha de Silva urges swift passage of Gambling Authority Bill to recoup significant tax revenue currently lost to unregulated activity
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THE Committee on Public Finance (CoPF) chaired by MP Dr. Harsha de Silva recently approved a series of significant fiscal measures, including an increase in stamp duty and the phased relaxation of longstanding import restrictions, to boost State revenue and ease pressure on key industries.
The stamp duty revision, brought under the Stamp Duty (Special Provisions) Act, No. 12 of 2006 and in line with the 2025 Budget proposal, will see rates on property lease agreements doubled from Rs. 10 to Rs. 20 per every Rs. 1,000.
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