The Cabinet of Ministers has approved proposed amendments to the Colombo Port City Economic Commission Act No. 11 of 2021, aimed at enhancing tax incentives, strengthening regulatory supervision and restructuring institutional mechanisms.
The decision follows Cabinet approval granted at meetings held on 7 July 2025 and 13 October 2025 to proceed with changes designed to further encourage investment while improving oversight and governance within the Colombo Port City framework.
Accordingly, the draft Bill prepared by the Legal Draftsman has received clearance from the Attorney General. The Cabinet has now approved a resolution submitted by the President, in his capacity as Minister of Finance, Plan Implementation and Economic Development, to publish the draft amendments in a Government Gazette.
The Bill will subsequently be presented to Parliament for approval and concurrence. (Newswire)