The Speaker of the Parliament of Sri Lanka, Mahinda Yapa Abeywardana has endorsed the certificate on two Bills passed in Parliament recently.

According to the Parliament, the Speaker endorsed the certificate on the Inland Revenue (Amendment) Bill and the Social Security Contribution Levy (Amendment) Bill today (Sep. 08). 

These two Bills were taken up for debate in Parliament on Wednesday (Sep 06) and Thursday (Sep 07).

Accordingly, the Inland Revenue (Amendment) Act No. 14 of 2023 and the Social Security Contribution Levy (Amendment) Act No. 15 of 2023 will come into effect from today. (NewsWire)

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President Ranil Wickremesinghe has hinted at surprises in the 2024 budget, which could include a proposal to tax primary bond dealers.

Speaking in Parliament yesterday (Sep 06), the President said primary bondholders will be taxed as per next year’s budget.

He made the remark in response to concerns raised on the government’s move to charge a 30 per cent tax if Employees’ Provident Fund (EPF) holders do not opt to participate in the debt optimization process.

Responding to Opposition Leader MP Sajith Premadasa, the President pointed out that the proposal to charge a 30 per cent tax from the EPF was initially proposed by the Sri Lanka Podujana Peramuna (SLPP).

“This proposal was originally made even before I was appointed Prime Minister,” President Wickremesinghe said. 

Commenting on domestic debt optimization, the President said the Supreme Court had clearly stated that there is no issue with the Inland Revenue Amendment Bill.

The President made the remark in response to Opposition MP Dr. Harsha de Silva’s request for a debate on the Inland Revenue Amendment Bill which consists the provisions for charging a 30 per cent tax from the EPF.

Reading the Supreme Court determination on debt optimization, the President said, “The Supreme Court states there is no issue with the Inland Revenue Amendment Bill. The Supreme Court has clearly shown that the banks cannot participate in the domestic debt optimization process given their position. The banks cannot participate in the debt optimization process given the thin line of capital they hold. Petitioners who filed legal action against the Bill have also failed to provide evidence to prove their point.” (NewsWire)

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The Supreme Court of Sri Lanka has determined that the Inland Revenue Amendment Bill can be passed with a simple majority in Parliament, Speaker Mahinda Yapa Abeywardena said today.

The Speaker further stated that the court has held that neither the bill nor any of its provisions are inconsistent with Article 12 of any provisions of the Constitution of Sri Lanka.

The Speaker made the observation while announcing the Supreme Court’s determination on the Inland Revenue Amendment Bill during today’s Parliamentary session. (NewsWire)

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