The Hon. (Dr.) Harshana Suriyapperuma - Deputy Minister of Finance and Planning

¶ 01 Hon. Speaker, one of the items we are discussing today is the Order under the Stamp Duty (Special Provisions) Act, No. 12 of 2006. This proposal is brought to update the Act. The main reason is that there has been no amendment since 2006—nearly 20 years. We are updating outdated provisions.

¶ 02 Specifically, the ad valorem stamp duty currently charged is Rs. 10 per Rs. 1,000. This is being revised to Rs. 20 per Rs. 1,000. Some may think we are increasing the burden to raise revenue. Hon. Speaker, that is not the intent. This is about updating anachronistic provisions, not revenue maximization. The last change before 2006 had Rs. 5 per Rs. 1,000.

¶ 03 Importantly, this stamp duty applies only to immovable property. What is the benefit? The proceeds are transferred to Provincial Councils by the Central Government, enabling provinces to carry out essential work and reducing the burden on the Centre. We are also moving to more accurate and efficient collection through digitization to improve revenue flow and reduce leakages.

¶ 04 Today, several Gazette notifications are before us: Gazette Extraordinary No. 2434/12 of 29.04.2025 under the Imports and Exports (Control) Regulations, 2025 No. 04, and Gazette Extraordinary No. 2435/02 of 05.05.2025 under Regulations 2025 No. 05. Four key areas are addressed:

¶ 05 1. Pursuant to the Cabinet decision of 27.01.2025, to permit, in a phased manner for three years, the import of used clothing for cold regions—particularly for economically vulnerable people in districts such as Nuwara Eliya, Matale and Badulla where average temperatures are below 20°C. This is under strict regulation and monitoring, with quantities reduced step-by-step to restore normal policy thereafter.

¶ 06 2. A second Gazette allows import of specified motor vehicle spare parts (six HS Codes under set criteria) to support vehicle assembly and repair industries by easing earlier prohibitions, helping our engineers and industry.

¶ 07 3. A third Gazette under the Betting and Gaming Levy Act/Regulatory framework permits registered establishments to import casino gaming equipment to support tourism-related facilities under regulation and specified HS Codes, including renovations and upgrades for already-approved entities.

¶ 08 4. A fourth Gazette allows the previously suspended import of electric motorcycles, in addition to combustion-engine motorbikes, under Gazette Extraordinary No. 2421/44 of 31.01.2025, following proper timelines and Parliamentary approval procedures.

¶ 09 Further, I note the importance of the Gambling Regulatory Authority Bill. We tabled it recently. It works alongside the casino regulatory framework to remove deficiencies, regulate online gambling and align with global best practices (not only Singapore). This shows delivery on promises.

¶ 10 It is evident that the Government is not only doing the right thing, but also restoring hope and growth. A 4.8 per cent GDP growth was recorded in Q1. Confidence among the business community and international stakeholders has been restored through consistent governance.