Sri Lanka, April 7 -- The Cabinet has approved amendments to the Finance Act No. 35 of 2018 concerning the levy imposed on telecommunication towers.

Under the current Act, mobile phone operators owning telecommunication towers are subject to an annual levy of Rs. 200,000 per tower. However, the 2026 Budget proposes to defer this levy for newly constructed towers for a period of five years, applicable to towers built on or after January 1, 2026.

To give effect to this proposal, the Legal Draftsman has prepared a Bill to amend the Act, with clearance already obtained from the Attorney General.

Accordingly, the proposal submitted by the President in his capacity as Minister of Finance, Planning and Economic Development to publish the amen...