Finance Bill passed in Parliament with amendments

The Finance Bill which was debated in Parliament today (07) has been passed with amendments by a majority vote.

During the second reading of the Bill, Chief Opposition Whip Lakshman Kiriella called for a division and a second reading of the bill was passed with 134 parliamentarians voting in favour and 44 voting against the bill.

The Finance Bill enables individuals to voluntarily disclose undisclosed taxable supplies, income and assets which are required to be publicized under some laws.

In addition, it allows the imposition of taxes on taxable income and assets.

Further, the bill will enable granting tax amenities and indemnification of individuals who voluntarily disclose taxable supplies, income or assets against liability from investigation, prosecution and penalties under specified laws.

Meanwhile, the Securities and Exchange Commission of Sri Lanka Bill, which was taken up for debate today, was passed with amendments without a vote.

Meanwhile, a resolution under the Essential Public Services Act, an Order under the Excise (Special Provisions) Act and three regulations under the Imports and Exports (Control) Act were also approved by Parliament today.

(Source: Ada Derana)