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ACHIEVEMENTS

Last Update on June 3, 2014

MAHINDA CHINTANA VISION FOR THE FUTURE

YEAR MILESTONE

2011

  • An Independent Tax Appeals Commission was appointed in terms of the Tax Appeals Commission Act No. 23 of 2011 to hear all appeals relating to the imposition of taxes and levies with regard to identified statutes making the tax appeal process independent and expeditious.

  • Finance Business Act No. 42 of 2011 was introduced to provide for the regulation of Finance Business. It made acceptance of a deposit by any person other than a person authorised to carry on finance business, an offence and allowed the Monetary Board to determine whether a sum of money is a deposit or not.

  • Revival of Underperforming Enterprises or Utilized Assets Act No. 43 of 2011 was introduced in November 2011. The total of 37 identified enterprises and assets vested with the State in the national interest are to be revived through alternate methods of utilization. The Act provides that any shareholder/ owner is entitled to prompt, adequate and effective compensation. The sums awarded as compensation are charged to a separate Government account. This Act enabled several grossly neglected assets to be revived creating an impetus in the economy.

2012

  • The Employees' Provident Fund (Amendment) Act No. 2 of 2012 was enacted to amend the Employees' Provident Fund Act No. 15 of 1958 to provide for Re-registration of all employees under the Act assigning National Identity Card No. as new number, to grant Interim benefits for housing purposes and Medical Treatment, to provide for investment on Construction of a Building for Secretariat owned by the fund and to make it mandatory for every employer having in his employment a minimum of 50 employees to furnish a monthly return that any shareholder/ owner is entitled to prompt, adequate and effective compensation. The sums awarded as compensation are charged to a separate Government account. This Act enabled several grossly neglected assets to be revived creating an impetus in the economy.

  • Finance Act No. 12 of 2012 was enacted for the removal of the levy on rooms of Five Star Hotels provided to Airline Crew to whom the concessionary rates specified by Price Regulations applies and the removal of withholding tax on Registration of Motor Vehicles. Rates were also changed on the annual luxury motor vehicle levy, annual semi-luxury motor vehicle levy and annual semi-luxury dual purpose vehicle levy. Exemption from the application of the provisions of the Customs Ordinance, Exchange Control Act and Import and Export Control Act were granted to enterprises recognised by the Board of Investment as companies engaged in specified export or international trade.

  • The Local Authorities (Special Provisions) Act No. 21 of 2012 and the Local Authorities Elections (Amendment) Act No. 22 of 2012 was enacted to permit people in local authority areas to elect 60 percent of their representatives on the basis of a vote system and the balance on a proportionate system enabling people to have direct contacts with their electoral representatives on matters concerning their electorate.


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