The Government reintroduced in Parliament last Wednesday, six Bills which had lapsed following the dissolution of Parliament in March.
Among these Bills is the Gaming (Special Provisions) Bill which places a prohibition, with effect from January, 2012, on the business of gaming without a valid licence from the Ministry of Finance and Planning.
The Default Taxes (Special Provisions) Bill which provides for a streamlined and speedier process of recovering default taxes, as well as the writing off of some taxes, was also presented to the House.
This Act will provide for the recovery, discharge and write-off of taxes charged and levied on or before December 31, 2009. The Bill will also provide for the establishment of a Default Tax Recovery Unit which will prepare and finalize a report identifying taxes in default by public corporations, Government Owned Business Undertakings, Ministries, Departments and co-operative societies.
The Recovery of Loans by Banks (Special Provisions) (Amendment) Bill provides for parate execution to be applicable only if the principal sum borrowed is over Rs. five million.
The Regulation of Insurance Industry (Amendment) Bill to amend Act No.43 of 2000 sets additional qualifications, in addition to several other changes, for carrying on the business of insurance in the country and for every insurer to be listed on a licensed stock exchange.
The other Bill presented was the Secretary to the Treasury (Nomination of Representative) Bill. This provides for the Secretary to the Treasury to nominate a person to be his/her representative in instances where legislation is provided for him/ her to be a member of any committee, authority, board or institution.
The Bill is being introduced due to the constraints mainly on time placed on the Secretary to the Treasury, due to the divergent powers and functions the office carries and makes it almost impossible for the Secretary to attend the meeting of every committee, authority, board or institution.
The Public Enterprise Reform Commission of Sri Lanka (Repeal) Bill will provide for the repeal of the PERC Act of 1996 and allow its employees to be attached to the Public Enterprise Department of the Treasury. |
E-mail
