COLOMBO, Feb. 11 (Xinhua) - Sri Lanka has launched consultations on a new tariff structure aimed at strengthening domestic production and boosting exports as part of its 2026 budget reforms, the Ministry of Finance, Planning and Economic Development said on Wednesday.
The stakeholder engagement process seeks to raise awareness of a proposed Four-Band Tariff Policy and gather input from businesses and trade bodies, the ministry said.
The ministry said the reforms are designed to simplify the tariff system, support local industries, improve fiscal sustainability, and facilitate trade.
The new structure has been drafted in line with the United Nations Broad Economic Classification standards to ensure international consistency and promote export competitiveness, according to the ministry. ■