2026-01-07
News Categories : Committee News
In consideration of the Colombo Port City Economic Commission (Amendment) Bill, it was stated that the amendment thus limits income tax exemptions for employees of new entrant authorized persons. However, officials present stated that a 3-year transitional period for existing entities has been given.
This was discussed at length at the Committee on Public Finance, chaired by Hon. Dr. Harsha de Silva, held in Parliament on 06.01.2026, when Members of the Committee sought clarity on the rationale for amending tax incentives, particularly the decision to limit income tax exemptions for employees of authorized persons to a transitional period for existing entities, while discontinuing such exemptions for new entrants.
The Committee also examined proposed changes to application fees and charges, to reduce upfront costs on the part of investors by deferring certain payments until licensing, while seeking assurance that the revised structure would remain competitive and transparent.
The Committee also queried the alignment of foreign exchange provisions with the Foreign Exchange Act No. 12 of 2017, seeking clarification on the treatment of rupee earnings, currency conversion, and safeguards to ensure consistency with national monetary and financial regulations.
The offshore banking framework attracted significant attention, with the Committee Members requesting updates on the status of banking licence applications, differences between Port City offshore banking operations and domestic banking activities, and the adequacy of regulatory oversight. The Central Bank’s enhanced supervisory role, including capital, liquidity, governance, and compliance requirements, was discussed in the context of international best practices.
Concerns were also raised regarding enforcement and penalties for non-compliance, with Members of Parliament emphasizing the need for deterrent-level sanctions, effective monitoring, and strong reputational safeguards to maintain the integrity of the Port City.
Officials noted that the amendments are intended to operationalize the Port City framework, enable approvals of new business activities, and balance investor attractiveness with fiscal discipline, transparency, and international commitments.
The Committee also took into consideration the Regulations issued under the Imports and Exports (Control) Act, No. 1 of 1969 (as amended). Accordingly, Regulations issued under the Imports and Exports (Control) Act, No. 1 of 1969(as amended), were presented to the Committee seeking approval to enable tax exemptions, streamlined procedures, and the swift clearance and distribution of relief goods donated by foreign donors to those affected by Cyclone Ditwah, received in the name of the Disaster Management Center or any government institution.
The Committee questioned the Ministry of Finance on the non-establishment of the Disaster Management Fund, despite the existence of the necessary legal provisions and approvals. The Committee also raised concerns regarding the delay in establishing the “Rebuilding Sri Lanka Fund” as statutory fund, noting the potential issues that could arise if further delays persist. Accordingly, the Committee urged officials of the Ministry of Finance to take proactive measures in this regard.
Following in-depth deliberations, the Committee approved the Colombo Port City Economic Commission (Amendment) Bill and the Regulations issued under the Imports and Exports (Control) Act, No. 1 of 1969. (as amended)
The meeting was attended by Hon. Deputy Ministers Chathuranga Abeysinghe, Dr. Kaushalya Ariyaratne, Nishantha Jayaweera, Hon. Members of Parliament Ravi Karunanayake, Rauff Hakeem, Attorney-at-Law, Nimal Palihena, Wijesiri Basnayake, Thilina Samarakoon, Champika Hettiarachchi, Sunil Rajapaksha, Ajith Agalakada, and Lakmali Hemachandra, Attorney-at-Law.
2026-06-03
The Select Committee of Parliament to review the laws dealing with Elections (excluding laws dealing with Provincial Council Elections) and report to Parliament and submit its proposals and recommendations in that regard for the Tenth Parliament, has commenced calling for public proposals and views.This Select Committee is chaired by the Hon. Minister of Public Administration, Provincial Councils and Local Government, (Prof.) A.H.M.H. Abayaratne, and consists of 11 Hon. Members of Parliament.Its aspiration is to review the laws dealing with elections more particularly the Registration of Electors Act, the Local Authorities Elections Act, the Parliamentary Elections Act and the Presidential Elections Act, together with the several amendments made to the said Acts over the years and the Special Provisions Acts made applicable to the provisions of the Acts set out above, to assess the need to revise, amend and consolidate these Acts and to recommend the reform and amendments necessary to the current laws dealing with elections (excluding Provincial Council Election).The public/other interested parties and organizations are invited to submit proposals/views under the relevant scope for consideration by the said Committee, and such proposals/views are requested to be forwarded to the following address or to the email address legis_com@parliament.lk before 15th July 2026.Address:The Secretary to the CommitteeSelect Committee of Parliament to review the laws dealing with Elections (excluding laws dealing with Provincial Council Elections) and report to Parliament and submit its proposals and recommendations in that regardParliament of Sri LankaSri Jayawardenepura Kotte
2026-06-03
The meeting of the Ministerial Consultative Committee on Public Security and Parliamentary Affairs was held in Parliament under the chairmanship of the Hon. Minister of Public Security and Parliamentary Affairs, Ananda Wijepala.A number of proposals and issues raised by Hon. Members of Parliament relating to police services were discussed, including strengthening police stations, ensuring police representation in District Coordination Committees and curbing illegal sand mining activities in and around Kilinochchi.The meeting was attended by Hon. Deputy Ministers, Hon. Members of Parliament, the Inspector General of Police (IGP) and officials of the Ministry of Public Security and Parliamentary Affairs, among others.
2026-06-02
The government has allocated Rs. 1,000 million (Rs. 1 billion) this year through the Co-operative Wholesale Establishment (CWE) to improve paddy drying, storage and other related facilities. The necessary machinery and equipment are scheduled to be installed in the Southern and Northern Provinces, according to Hon. Minister of Trade, Commerce, Food Security and Cooperative Development, Wasantha Samarasinghe.The Minister made these remarks during a recent meeting of the Ministerial Consultative Committee on Trade, Commerce, Food Security and Cooperative Development, which he chaired in Parliament.The Committee Chair further stated that a Rs. 500 million project is being implemented this year to provide paddy drying machines to cooperative societies, while a Rs. 100 million project has been launched to procure production and packaging machinery for producer cooperatives.The Minister also noted that the Co-operative Wholesale Establishment has intervened in the process of converting paddy into rice and purchasing potatoes. Potatoes are being purchased at Rs. 220 per kilogram and sold through Lanka Sathosa Ltd.In addition, he stated that 120,000 metric tons of rice were imported during April as substitute varieties for Samba and Keeri Samba rice. Further rice imports will only be considered if deemed necessary.The Committee held extensive discussions on fraud and corruption reported in certain cooperative societies. Members of Parliament raised concerns about individuals involved in such irregularities being reappointed to positions within those societies without facing any penalties. The Minister sought explanations from officials and instructed them to address existing legal weaknesses and other shortcomings without delay.The Minister also announced the establishment of a new Alumni Association of Mahapola Scholarship Recipients and invited all former scholarship holders to join and contribute to its activities. He noted that the association would be able to implement programmes aimed at supporting and advancing future generations of students.The Committee further discussed issues relating to the modernization of the information system of the Department of the Registrar of Companies, measures to improve its efficiency, matters concerning free trade agreements, and other issues relevant to the sector.The meeting was attended by Hon. Deputy Minister of Trade, Commerce and Food Security R.M. Jayawardana, Hon. Deputy Minister of Cooperative Development Upali Samarasinghe, several Members of Parliament, and officials representing the Ministry of Trade, Commerce, Food Security and Cooperative Development and its affiliated institutions.
2026-05-26
The Central Provincial Council was summoned before the Committee on Public Accounts (COPA) to examine the Auditor General’s triennial report for the years 2021–2023, the Auditor General’s report for 2024, and the Council’s current performance.The committee meeting, chaired by Hon. Member of Parliament Kabir Hashim, was held recently at Parliament.During the meeting, attention was drawn to the progress made in implementing recommendations issued at the COPA meeting held on 5th September, 2019. Discussions focused on the incident involving the destruction of files belonging to the Central Provincial Passenger Transport Authority.It was revealed that directives issued by the relevant court and the Presidential Secretary regarding the incident had not been implemented by the responsible authorities. In this regard, the Committee Chairman instructed officials of the Central Provincial Council to submit all reports and correspondence related to the incident to the committee.In addition, the committee discussed an incident involving the unlawful transfer of a rest house owned by the Road Development Authority to a third party in violation of lease conditions. Accordingly, the Chairman instructed officials to identify the officers responsible for making the relevant decisions and to submit a report to the committee on the legal action being taken in connection with the matter.The committee also held extensive discussions on irregularities identified by the National Audit Office in road development and passenger transport services in the Central Province, as well as issues affecting the health sector.Expressing his views during the meeting, the Chairman emphasized the importance of expediting ongoing investigations within institutions and focusing on follow-up action. He further stressed that if a state institution generates profits, such profits should accrue to the government, and if such revenue is used for institutional activities, established legal provisions and procedures must be strictly followed.The meeting was attended by committee members Hon. Members of Parliament Dr. M.L.A.M. Hizbullah, Ruwanthilaka Jayakody, Attorney-at-Law Thushari Jayasinghe, Sunil Rathnasiri, Oshani Umanga, Susantha Kumara Navarathna, Ajantha Gammeddage, Chanaka Madugoda, T.K. Jayasundara and Lal Premanath along with a group of government officials.
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