Finance Bill comes into effect today

Finance Bill No. 18 of 2021 will come into effect from today (15), the Communications Department of the Parliament said in a statement.

This comes after the Bill was certified by Speaker Mahinda Yapa Abeywardena.

The Bill was taken up for debate on September 07 and was passed in Parliament with amendments by a majority vote.

The Finance Bill 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.

Meanwhile, Transparency International Sri Lanka (TISL), voicing deep concerns about the new Act, has warned that this amnesty scheme could be abused for the purpose of money laundering unless regulatory authorities take extra measures to counter such attempts.

In a recent statement, the TISL called on all law enforcement and regulatory authorities to ensure that this tax amnesty is not abused by those who could cause detriment to the country by ensuring that the public is kept informed of the safeguards put in place to avert such abuse.