Category: Legal

A government decision to hit foreign purchases of land with a 100 percent transfer tax could backfire by driving away foreign investments and hurting local companies. A government decision to hit foreign purchases of land with a 100 percent transfer tax could backfire by driving away foreign investments and hurting local companies. The government plans […]

The government is trying a backdoor move to slip in a clause that classifies local firms, which are 25 percent foreign owned, as non-citizens.The government is trying a backdoor move to slip in a clause that classifies local firms, which are 25 percent foreign owned, as non-citizens. The clause was quietly slipped into the Tax […]

The government cancelled 528 land transactions under the Land Reclamation Commission (LRC) on Thursday.The government cancelled 528 land transactions under the Land Reclamation Commission (LRC) on Thursday. All land transactions between January 2002 and March 2004, of State land under the LRC, are cancelled as of now, said the Cabinet spokesman Mangala Samaraweera on Thursday. […]

A top audit expert is asking authorities close ownership loopholes on investment trusts, as capital market regulators tighten the noose on auditors and listed companies. A top audit expert is asking authorities close ownership loopholes on investment trusts, as capital market regulators tighten the noose on auditors and listed companies. The requests comes as the […]

The government strongly condemned pyramid schemes today promising quick cabinet approval to draft anti-pyramiding legislation. The government strongly condemned pyramid schemes today promising quick cabinet approval to draft anti-pyramiding legislation. “This government is warning the public of this country very seriously not to invest in these pyramid schemes,” Finance Minister Dr. Sarath Amunugama told a […]

Senior Presidential Advisor Mano Tittawella on Wednesday told a conference hall full of donor agency representatives that a draft bill to set up the Strategic Enterprises Management Agency (SEMA) is being pushed through to give legal teeth to its reform agenda.Senior Presidential Advisor Mano Tittawella on Wednesday told a conference hall full of donor agency […]

The Securities watchdog has asked the Institute of Chartered Accountants to incorporate the SEC’s views into the ICASL’s corporate governance code. The Securities watchdog has asked the Institute of Chartered Accountants to incorporate the SEC’s views into the ICASL’s corporate governance code. The Securities & Exchange Commission says the changes should be made within the […]

Black July is past but not gone for good, warns the Asian Human Rights Commission (AHRC) pointing to cases of police torture that continue to occur in Sri Lanka.In January this year, the High Court of Colombo sentenced a Sub-Inspector of Police to seven years rigorous imprisonment with a fine for torturing an innocent civilian.rn […]

Civil rights activists warn that Sri Lanka is in danger of unfavourable reforms because of poor application of international trade agreements. Human rights groups are drawing attention to legal reforms – brought on by multilateral and bilateral trade agreements that can work against the country if not implemented with care.rn rnLegal and other types of […]

A supporter of the breakaway commander who led an unprecedented split in the Tamil Tiger guerrillas in March was gunned down by a fellow inmate at a jail in eastern Sri Lanka Thursday, officials said.rnThe victim was identified by officials as Sathya Master, a key supporter of renegade leader Karuna. rn The Tigers had previously […]

Sri Lanka on Tuesday agreed to sign up to a United Nations treaty to discipline its use of landmines, booby traps and certain other conventional weapons.Sri Lanka on Tuesday agreed to sign up to a United Nations treaty to discipline its use of landmines, booby traps and certain other conventional weapons. The Cabinet has given […]

The government said Wednesday that it had beefed up security in and around Colombo after yesterdays bomb blast, but investors had lquote nothing to worry about as it was an isolated attack. ldblquote Security in and around Colombo has already been increased but investors have nothing to worry because there is no huge safety issue […]