The parliamentary Committee on Public Finance (COPF) recently approved the increase in stamp duty on property lease agreements in Sri Lanka from Rs. 10 to Rs. 20 per Rs. 1,000, as part of measures outlined in the 2025 Budget. 

This increase is expected to generate additional revenue equivalent to 0.01% of the country’s Gross Domestic Product (GDP).

The decision was approved during a parliamentary meeting held on Tuesday (17), chaired by Member of Parliament Dr. Harsha de Silva.

Officials from the Ministry of Finance informed the committee that the revised stamp duty rate would be implemented with effect from 1 April.

In addition to the stamp duty increase, the committee approved two regulations under the Imports and Exports (Control) Act No.1 of 1969. 

These regulations include lifting import restrictions imposed since 2020 on several items such as phased importation of used warm cloth, motor vehicle spare parts essential for assembly and repair industries, and gaming equipment and machinery for casinos licensed under the Casino Business (Regulation) Act No.17 of 2010.

The committee also instructed Sri Lanka Customs to maintain comprehensive records of all imported casino-related equipment and machinery.

Furthermore, Ministry of Finance officials briefed the committee on the draft bill for establishing a Gambling Regulatory Authority. 

Dr. de Silva stressed the importance of fast-tracking the legislation to help the Government recover substantial tax revenue currently being lost through unregulated gambling activities.