PARLIAMENT

Due to the failure of the Board of Investment to provide a proper analysis, the committee on Public Finance refused to approve the Order under the Strategic Development Project Act, No. 14 of 2008 published under the Extraordinary Gazette Notification 2291/25, scheduled to be debated in the Parliament tomorrow.

This decision was taken at the Committee on Public Finance which met today (Oct. 03) under the chairmanship of the Hon. (Dr.) Harsha de Silva, Member of Parliament.

This Order published under the Gazette No. 2291/25 dated August 03rd, 2022 enacted by the Hon. President as the Ministry of Finance, Economic Stabilization & National Policies was presented to Parliament on September 20th.

The Chairman of the Committee inquired from the Chairman of the Board of Investment, Mr. Raja Edirisuriya, about the benefits to the Sri Lankan economy through this Order, presented regarding giving a 12-year tax relief to a company investing in Sri Lanka. The Chairman of the Committee expressed his strong displeasure at the failure of the Board of Investment to provide sufficient information in this regard and said that he could not approve it at this time.

Hon. (Dr.) Harsha de Silva, Member of Parliament, Member of Parliament, said that he and the committee have no problem regarding this tax relief or these companies and pointed out that a formal analysis including data on its economic impact should be submitted to the committee when such decisions are taken.  The Committee said that the Board of Investment, which is one of the most important institutions for the economic progress of a country, should be more responsible.
Accordingly, the Chairman of the committee instructed the Board of Investment to come before the committee with all the data and analysis by 9:00 a.m. tomorrow (04).

Meanwhile,     Order under Excise (Special Provisions) Act No. 13 of 1989 published under the Gazette Extraordinary No. 2290/19, Two Regulations under the Import and Export Control Act No. 1 of 1969 published under the Gazette Extraordinary No. 2294/29 received the approval of the Committee.

State Ministers Hon. (Dr.) Suren Raghavan, Hon. (Dr.) (Mrs.) Seetha Arambepola, Members of Parliament Hon. Duminda Dissanayake, Hon. Chandima Weerakkody, Hon. Mayantha Dissanayake, Hon. Mujibur Rahuman, Hon. Harshana Rajakaruna and Hon. (Prof.) Ranjith Bandara and officials of the Ministry of Finance were present at this Committee meeting held.