The Parliamentary Committee on Public Finance (COPF) has approved two regulations presented under the Import and Export (Control) Act No. 1 of 1969.

Proposals were submitted to the COPF during a meeting this week, seeking approval to lift import restrictions imposed since 2020 on several items. 

This included phased importation of used cloth (warm cloth), and importation of motor vehicle spare parts required for motor vehicle assembly industries and repairs. 

It also included the importation of gaming equipment and necessary machinery for casinos licensed under the Casino Business (Regulation) Act No. 14 of 2010.

At this point, the Committee instructed that Sri Lanka Customs should maintain records and data of all imported casino equipment and associated items.

Additionally, officials from the Ministry of Finance briefed the Committee on the background regarding the draft Bill for the establishment of a Gambling Regulatory Authority. 

COPF Chairman MP Harsha de Silva said that expediting the passage of the proposed legislation to establish the Gambling Regulatory Authority would enable the government to recover a significant amount of revenue currently being lost in taxes. (Newswire)

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