The Finance Bill, which paves the way to legalize undisclosed assets, was passed in Parliament with amendments on Tuesday (7).
The Finance Bill was moved to enable persons to voluntarily disclose undisclosed taxable supplies, income and assets required to be disclosed under certain laws as well as to provide for the imposition of a tax on the taxable supplies, income, and assets so disclosed.
The second reading was passed with 144 votes in favour and 44 against.
The specialty of this bill is that it provides an opportunity to invest an amount equal to the undisclosed tax value, in;
01 Shares issued by a company
02 Treasury Bills issued by the Central Bank
03 Credit securities issued by a company in Sri Lanka and
04 Movable or immovable property
The relevant investments in this Bill can be made before 31st December.
If a person who does not invest and does not disclose any taxes voluntarily, discloses them, only 1% extra will be added to the amount of tax payable.
A number of parties including the Samagi Jana Balavegaya and the JVP filed applications with the Supreme Court challenging the bill.
This bill was passed in Parliament subject to the guidelines given by the Supreme Court.