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ACHIEVEMENTS

Last Update on June 3, 2014

MAHINDA CHINTANA VISION FOR THE FUTURE

YEAR MILESTONE

2008

  • Strategic Development Projects Act No. 14 of 2008 was introduced to promote strategic investments, which in the national interest, is likely to bring economic and social benefits to the country, is likely to change the landscape of the country - primarily through the provision of goods and services beneficial to the public, would bring substantial inflow of foreign exchange to the country that would generate substantial employment and enhance income earning opportunities or that would facilitate technological transformation. The Act enables exempting in full or part, from time to time, from the applicability of the provisions of several tax statutes for a maximum of 25 years. Further a transparent process to be followed is laid down for the declaration of a Strategic Development Project, including approval by Resolution of Parliament, with a view to strengthen certainty relating to strategic investments. With the introduction of this Act, investment regime was brought under two broad tax regimes i.e. the Inland Revenue Act or the Strategic Development Projects Act.

  • Environment Conservation Levy Act No. 26 of 2008 was introduced to provide for the imposition of an environmental conservation levy on certain items owned by consumers, specified items imported into or manufactured in Sri Lanka or specified services provided in Sri Lanka, likely to harm the environment.

  • National Thoroughfares Act No. 40 of 2008 was introduced to provide for the planning, designing, construction, development, maintenance and administration of an integrated public road network and to facilitate private sector investment and participation in such development activities, to enable Provincial Councils and local authorities to develop and maintain roads and to promote and facilitate community based organisations to engage in related development activities and to enable charging a fee on user fee national highways investigations, prosecutions and punishments.

2009

  • A Nation Building Tax was introduced through the introduction of Act No. 9 of 2009, as announced in the 2009 Budget as a social contribution towards welfare of security forces and to rebuild communities and infrastructure facilities affected by terrorism. This is a tax on the turnover of importers, manufacturers and service providers at a rate of 1 percent.

2010

  • Default Taxes (Special Provisions) Act No. 16 of 2010 was enacted to introduce a speedy recovery process of taxes in default for a long period of time, to introduce a mechanism to write-off taxes of Government institutions and cooperatives and ensure that taxes in default are maintained at a reasonable level inter alia by making tax administration more accountable towards collecting taxes.

  • Public Enterprises Reform Commission of Sri Lanka (Repeal) Act No. 18 of 2010 repealed the Public Enterprises Reforms Commission of Sri Lanka, which was the Government privatisation arm, in line with the ‘No-Privatisation' policy of the Government.

  • The 18th Amendment to the Constitution was introduced on 8th September 2010 to remove limitations affecting the re-election of the President over two terms and to appoint a Parliamentary Council whose observations are to be sought prior to the President appointing persons to independent posts such as the office of the Commissioners of Election and Supreme Court Judges.

  • Under the assignment of duties and functions, the enforcement of Government Financial Regulations was assigned to the Minister of Finance and Planning by virtue of the Gazette Extraordinary number 1681/3 of 22nd November 2010.


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