COPF refuses to approve Strategic Development Project Act debate

Tuesday, 4 October 2022 00:15 - - {{hitsCtrl.values.hits}}

COPF Chairman Dr. Harsha de Silva says BOI failed to provide sufficient information as requested by Committee
Admonishes BOI and requests all data and analysis to be submitted today
Says presenting info on the economic impact of such proposals to Committee is imperative

The Committee on Public Finance has refused to approve the Order under the Strategic Development Project Act No. 14 of 2008 which was scheduled to be debated in Parliament today.

Its Chairman Samagi Jana Balawegaya (SJB) MP Dr. Harsha de Silva said the decision was taken when the Committee on Public Finance convened yesterday as the Board of Investments failed to provide proper analysis on the matter.

This order mentioned in Gazette No. 2291/25 dated 3 August 2022 enacted by the President as the Minister of Finance, Economic Stabilisation and National Policy was presented to Parliament on 20 September. Accordingly, de Silva had inquired from the BOI on the benefits to the country’s economy through this provision which had sought to provide 12 years of tax concessions to any company investing in Sri Lanka.

The Committee Chairman expressed his strong displeasure due to the failure of the BOI to provide sufficient information in this regard and said that he could therefore not approve it at this time. He pointed out that requisite information on the economic impact should be presented to the Committee when making such decisions.

He instructed the BOI to present all data and analysis relating to the order to the Committee today at 9 a.m. failing which, the Committee will be forced to refuse to grant its approval to the Gazette.