News
SJB questions tax exemptions given to Adani-led project
The main Opposition Samagi Jana Balavegaya (SJB) raised the issue of tax exemptions given to West Container Terminal (WCT) at a meeting chaired by Anura Priyadarshana Yapa, Chairman of the Committee on Public Finance.
This was the first Committee meeting held for the Second Session of the Ninth Parliament.
India’s Adani Group in late September last year sealed a deal with the Sri Lanka Ports Authority (SLPA) to develop and run the strategic Colombo Port’s West Container Terminal. Adani secured 51 per cent stake at the WCT.
The two local entities would hold 34 % (SLPA) and 15 (JKH) % cent stakes of the new joint company titled the West Container International Terminal.
A statement issued by Parliament yesterday (10) stated that the Gazette Extraordinary No. 2254/2 of 15th November 2021 for the purpose of tax exemptions for the West Container Terminal (WCT-1) Expansion Development Project for under the Strategic Development Projects Act, No. 14 of 2008 was also approved at the Committee meeting.
“It will exempt the shareholders of the project from income tax for a period of 25 years and VAT, PAL, Cess and Customs exemptions will be for a period of 5 years. MP Harsha de Silva has asked the newly appointed Chairman to the Board of Investments (BOI) Raja Edirisuriya how appropriate this tax exemption is for a country like Sri Lanka which is suffering from economic difficulties. MP Prof. Ranjith Bandara pointed out that granting such tax exemptions is essential in order to compete with other countries in the current context, according to the statement,” the statement added.
Approval has been granted at the Cabinet meeting held on 22.07.2024 to publish the draft bill of State Assets Management Act in the government gazette notification and thereby present it to the Parliament for its concurrence.
However, the draft bill couldn’t be passed in Parliament as a result of the Parliament being dissolved in the month of October 2024.
Thereafter, the draft bill was subject to further inspection by a
committee appointed which comprised of officials and authorities on the subject.
The said Committee has recognized the amendments to be made and a fundamental draft has been prepared including the proposed amendments.
Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to suspend further activities regarding the draft bill of State Assets Management Act published in the extraordinary gazette of 02.08.2024, and to direct the Legal Draftsman to prepare a draft bill based on the fundamental draft prepared by the subject specialists’ committee.
Considering the compliance of the Cooperative Societies’ operations with the concurrent socio – economic circumstances as well as the changes in the common law, the requirement of amending the Cooperative Employees Commission Act No. 12 of 1972 has been recognized.
A fundamental draft including proposed amendments based on the experience gained by that Commission as well as the opinions and proposals of Cooperative societies, their director board members, cooperative employees and other interested parties has been prepared.
Accordingly, the Cabinet of Ministers granted approval to the resolution furnished by the Minister of Trade, Commerce, Food Security and Cooperative development to provide instructions to the Legal draftsman to prepare a draft bill to amend the Cooperative Employees Commission Act No. 12 0f 1972, based on the said fundamental draft.
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