Chairman of the Public Finance Committee appointed

Former President Anura Priyadharshana Yapa was unanimously elected to chair the Public Finance Committee which was held on 08.

This was the first committee meeting held for the Second Session of the Ninth Parliament. His name was proposed by (Prof.) Ranjith Bandara, MP.

The Provincial Councils (Transfer of Stamp Duty) Amendment Act No. 13 of 2011 was approved at the committee meeting held under the chairmanship of Hon. Anoura Priyadharshana Yapa. This clause amends section 2 of the Provincial Councils (Transfer of Stamp Duty) Act No 13 of 2011 and the legal effect of the section as amended is to provide for the reimbursement of any stamp duty paid too much or by mistake.

In addition, Extraordinary Gazette No. 2254/2 of November 15, 2021 for the purpose of tax exemptions for Colombo Container Terminal Expansion Development Project (WCT-1) under Law No. 14 of 2008 on strategic development projects was also approved at the Committee meeting held.

It will exempt the shareholders of the project from income tax for a period of 25 years and exemptions from VAT, PAL, Cess and Customs will be for a period of 5 years. (Dr.) Harsha de Silva, a Member of Parliament raising concerns, asked the new Chairman of the Board of Investments (BOI), Mr. Raja Edirisuriya, how appropriate this tax exemption was for a country like Sri Lanka who suffers from economic difficulties. MP, (Prof.) Ranjith Bandara pointed out that granting such tax exemptions is essential to compete with other countries in the current environment.

Hon. Ministers of State Vidura Wickramanayake, Kanchana Wijesekera, Indika Anuruddha and Hon. Members of Parliament MA Sumanthirann, (Dr.) Harsha de Silva, Vijitha Herath, Mujibur Rahman, Dr.Kavinda Jayawardana, Nalin Fernando, Premitha Bandara Tennakoon, (Dr.) Suren Raghavan, Anupa Pasqual, Isuru Dodangoda and (Prof.) Ranjith Bandara were present at the Committee meeting that was held.

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