While the nation continues to feel the impact of Co-vid 19 the government took steps to pass the new Finance and SEC bills yesterday.
When the new Finance Bill was first introduced it was challenged by the Samagi Jana Balavegaya and Janatha Vimukthi Peramuna (JVP) both of whom submitted applications in the Supreme Court challenging the validity of the bill. In response, the Supreme Court proposed several amendments which the government was quick to adopt.
The Finance Bill including its amendments saw 144 Parliamentarians votes for the passing while 44 were against the passing of the new bill.
The new bill allows individuals to voluntarily disclose undisclosed taxable supplies, income, and assets while at the same time allowing the government to grant tax amenities and indemnifications under various criteria. The bill also addressed the imposition of taxes on taxable income and assets. Furthermore, the bill provided the opportunity to invest an amount equal to undisclosed tax value in,
∙ Shares issued by a company
∙ Treasury Bills issued by the Central Bank of Sri Lanka (CBSL) ∙ Movable/Immovable Property
∙ Credit Securities issued by local companies
The parliamentary session on the 7th of September, 2021 also saw the passing of the Securities and Exchange Commission Bill without a vote and Finance Minister Basil Rajapaksa informing parliament of the pandemic’s impact on the local economy. The session also saw the government recognize Sri Lanka’s forex crisis.
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