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ACHIEVEMENTS

Last Update on June 3, 2014

MAHINDA CHINTANA VISION FOR THE FUTURE

YEAR MILESTONE

2005

  • Sri Lanka, which was already a signatory to the International Convention on the Suppression of Terrorist Financing adopted by the General Assembly of the United Nations, joined the global effort to combat money laundering and the financing of terrorism by enacting the Convention of the Suppression of Terrorist Financing Act No. 25 of 2005 (CSTFA) in mid-2005. Tourism Act No. 38 of 2005 was enacted repealing certain previous Acts, to provide for the establishment of the Sri Lanka Tourism Development Authority, vesting on it powers necessary to facilitate the planning and implementation of policy relating to tourism and other related industry industries, with regulatory powers to monitor the industry.

2006

  • In order to lay a framework to suppress financial related activities connected with terrorism and to streamline other illegal activities, several statutes were introduced in 2005/2006. The Prevention of Money Laundering Act No. 5 of 2006 was introduced to prohibit, combat and prevent Money Laundering in Sri Lanka. The Financial Transactions Reporting Act No. 6 of 2006 was introduced to provide for the collection of data relating to suspicious financial transactions in order to facilitate the prevention, detection, investigation and prosecution of the offences of money laundering and the financing of terrorism, and also to introduce due diligence and monitoring mechanism.

  • A new Inland Revenue Act No. 10 of 2006 was introduced to provide for the impositions of income tax for any year of assessment commencing from 1st April 2006, having repealed the previous Inland Revenue Act and all amendments.

  • Finance Act No. 11 of 2006 was enacted inter alia to provide for the imposition of a motor vehicle concessionary levy on the importation by tax payers with a consistent record of tax payment, to promote a tax compliant culture and also to recognize and reward high tax payers. The National Enterprise Development Authority was established under the National Enterprise Development Authority Act No. 17 of 2006 to promote, support, encourage and facilitate enterprise development in the country with special emphasis on the small and medium enterprise sector.

  • Electronic Transactions Act No. 19 of 2006 was introduced to recognize and facilitate the formation of contracts, the creation and exchange of data messages, electronic documents, electronic records and other communications in electronic form in Sri Lanka, to appoint a related certification authority and to enable accreditation of certification service providers.

2007

  • Companies Act No. 7 of 2007 was enacted to provide for a modern law governing Companies. The incorporation process of a company was made easier and simpler, doing away with the Memorandum of Association, while introducing single shareholder companies - solvency tests, minority buy-out and exit options, statutorily explicit Directors' duties and statutory Derivate Actions were recognised. Electronically stored documents were also recognised.

  • Special Commodity Levy Act No. 48 of 2007 was introduced to provide for the imposition of a composite levy on certain specified commodity items in lieu of the amount chargeable on such commodity items by way of taxes, duties and levies etc., simplifying taxation in relation to such items. Chargeable on such commodity items by way of taxes, duties and levies etc., simplifying taxation in relation to such items.


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