New SEC Bill, tax amnesty bill to be debated in Parliament tomorrow

• Emergency regulations relating to food supplies to be debated today
• Sittings limited to 2 days this week due to COVID-19 

The Securities and Exchange Commission of Sri Lanka Bill, which seeks to regulate the capital market in keeping with current international best practices, will be taken up for debate tomorrow.

The new law, which will replace the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987, has been published in the Government Gazette ahead of being tabled in Parliament.

The new bill enhances the powers of the Commission and auditors and deals comprehensively with market misconduct with fines for those violating the law going from Rs. 1 million to up to Rs. 25 million with jail sentences between five to 10 years. It also sets strict rules for market intermediaries.

Along with the SEC Bill, Parliament will also debate the Finance Bill, which seeks to give a tax amnesty by indemnifying persons who voluntarily disclose taxable supply, income or assets, against liability from investigation, prosecution and penalties.

The provisions of the Bill will apply to any person who has not disclosed any amount of taxable supply, income or assets, which were required to be disclosed under the provisions of any law in a value-added tax return for any taxable period ended on or prior to 31 March 2020, or in a return of income for any year of assessment ended on or prior to 31 March 2020.

Today, Parliament will debate the proclamation made by President Gotabaya Rajapaksa bringing into force emergency regulations for the supply of essential items of food and related services.

Parliament sittings have been limited to two days this week due to the COVID-19 pandemic situation.

The emergency regulations will be debated from 10 a.m. to 4.30 p.m. and passed the same day.

At least 25 MPs have so far tested positive for COVID-19.