Treasury to introduce three key laws this year
Sri Lanka is on track to introduce three key pieces of legislation which are the Public Financial Management System Act, the new Public Debt Management Law, and the State Asset Management Act, according to top government officials.
Out of this, the Public Financial Management System Act is to be introduced by year-end and, will replace the financial regulations practised in the government. Asset management, financial regulation, and broad risk management have been incorporated in this law. It is to be introduced by December this year, an official said on Wednesday.
He said the Public Debt Management Law is still in the initial stages. It will be drafted to restore public debt sustainability and rebuild external buffers to ensure financial stability while reducing corruption vulnerabilities, he added. This law will include processes such as providing sovereign guarantees and lending operations to state-owned enterprises (SOEs), which will be restructured and commercialised. The law will also aim to improve tax administration, with a mandatory income and an emphasis on enhancing tax audits and compliance. The External Resources Department of the Ministry of Finance will manage it.
The State Asset Management Act is also very new and the Comptroller General Department is managing it. The asset management law will deal with non-financial asset management for the government such as managing its vehicles, land, mineral, buildings etc. “Currently we do not have the valuation for government assets. This law will enable the Comptroller General Department to value these assets,” the official explained.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!