Mar 23, 2017 (LBO) – Sri Lanka’s government will replace the Securities and Exchange Commission Act No. 36 of 1987 with a new act to strengthen the independence of the commission with the implementation of a stringent governance structure, a statement said.
“The presented concept paper has been amended with the laws, experiences of Malaysia, Singapore, and Hong Kong,” the most recent statement on approved cabinet decisions said.
“The draft new act will strengthen the independence of Securities and Exchange Commission and make attractive the capital market of Sri Lanka.”
The proposal was made by Prime Minister Ranil Wickremesinghe in his capacity as the minister of national policies and economic affairs.
The cabinet of ministers also gave their nod to amend several other finance laws.
Under a proposal made by Ravi Karunanayake, minister of finance, the legal draftsman will draft a new Inland Revenue Act, based on prepared concept paper that was approved by the Cabinet of Ministers.
The budget 2016 has proposed to introduce a new Inland Revenue Act in order to create a better tax structure by modernizing tax administration based on non-complex tax principles and improve efficiency of the department of inland revenue.
Karunanayake will also publish in gazette and present in parliament for approval, the bill drafted by legal draftsman to amend the Economic Service Charge Act No. 13 of 2006 and cleared by Attorney General, including the amendments proposed by 2016 and 2017 budgets.