Controversial money Bills next week
By Chandani Kirinde
Three important finance bills will be taken up for debate when Parliament meets this week. Among them will be the Inland Revenue (Special Provisions) Bill, Recovery of Loans by Banks and Debt Recovery (Special Provisions) (Amendment) Bills.
All three bills have been challenged in the Supreme Court as being unconstitutional and Speaker Joseph Michael Perera is expected to announce the court's determination to Parliament during the course of the week.
The Finance Minister is seeking to introduce sixteen new clauses to the Recovery of Loans by Banks Act which would, among others provide for penal provisions in respect of damage to structures on mortgaged property caused wilfully in order to reduce the value of such property and for directors, managers and others of corporate bodies, partners of firms and individuals on unincorporated bodies to be held liable for offences under the Act.
The new amendments will also make provisions for any person who has any right, title or interest in the mortgaged property to submit a claim to the bank subsequent to the publication of the notice in the newspaper whereby relief to such a person may be granted or refused.
The Inland Revenue (Special Provisions) Bill is being presented to get Parliamentary approval for the Government decision to grant an extension up to August 15 for tax defaulters who are seeking to utilise a wide-ranging amnesty granted to them under this Act.
The other Bills to be debated in the House this week include the Apartment Ownership Bill and the National Housing Development Authority (Amendment) Bill and several others bills connected with the plantation sector.
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