Finance Bill granting tax amnesties comes into effect from today

* Finance Bill granting tax amnesties comes into effect from today

Wed, Sep 15, 2021, 10:21 pm SL Time, ColomboPage News Desk, Sri Lanka.

Sept 15, Colombo: Finance Bill No. 18 of 2021 was certified by the Speaker Mahinda Yapa Abeywardena on the 15th of September 2021.

The Bill was taken up for debate on the 07th September and was passed in Parliament wit amendments. 134 votes were cast in favor of the Bill and 44 votes were cast in against the Bill.

The vote took place as a division was called for by the Hon. Chief Opposition Whip Lakshman Kiriella during the second reading of the Finance Bill.

Accordingly, this Act will come into force from today (15).

The Transparency International Sri Lanka (TISL) recently expressed deep concern regarding the new Finance Act that aims to grant tax amnesty for individuals who voluntarily disclose their undisclosed income and assets. The Finance Act 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 enables 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.

TISL warned that this amnesty scheme could be abused for the purpose of money laundering unless regulatory authorities take extra measures to counter such attempts.

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