Tax amnesty bill, new SEC Bill get Parliament approval

Wednesday, 8 September 2021 00:26 - - {{hitsCtrl.values.hits}}

Tax amnesty bill passed with majority of 90 votes
SEC Bill passed without vote
Cabraal says both Bills will be very positive for economy

Parliament yesterday approved two important finance bills including one to grant tax amnesties as well as the new Securities and Exchange Commission of Sri Lanka Bill. The Finance Bill which indemnifies persons who voluntarily disclose taxable supply, income or assets, against liability from investigation, prosecution and penalties was passed by a majority of 90 votes with 134 MPs voting in favour and 44 voting against the bill. During the Second Reading of the Bill, Chief Opposition Whip Lakshman Kiriella called for a division and a vote was taken.

Meanwhile, the Securities and Exchange Commission of Sri Lanka Bill which seeks to regulate the capital market in keeping with current international best practices was passed without a vote.

The new law which will replace the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 enhances the powers of the Commission and auditors and deals comprehensively with market misconduct with fines for those violating the law going from Rs. 1 million to up to Rs. 25 million with jail sentences between five to 10 years.

Following the passage in Parliament, Money and Capital Markets State Minister Nivard Cabraal tweeted that “both Bills will be very positive for the country’s economy.”

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