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Thursday, May 30, 2024

Finance Bill passed with amendments

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The Finance Bill debated in Parliament today (7) was passed with amendments by a
majority vote.

During the second reading of the Bill, Chief Opposition Whip Lakshman Kiriella called
for a division and second reading of the Bill was passed with 134 parliamentarians
voting in favour and 44 voting against the Bill.

The Finance Bill was moved to enable persons to voluntarily disclose undisclosed taxable supplies, income and assets required to be disclosed under certain laws as well as to provide for the imposition of a tax on the taxable supplies, income, and assets so disclosed.

The Bill also provides an opportunity to invest an amount equal to the undisclosed tax value, in shares issued by a company, Treasury Bills issued by the Central Bank, credit securities issued by a company in Sri Lanka and movable or immovable property.

Meanwhile, the Securities and Exchange Commission of Sri Lanka Bill, which was taken
up for debate today, was passed with amendments without a vote.

A resolution under the Essential Public Services Act, an Order under the
Excise (Special Provisions) Act and three regulations under the Imports and Exports
(Control) Act were also approved by Parliament today.

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