Submitting rules published in gazettes to Parliament
Cabinet approval was granted for the submission of two Gazette Notifications consisting of orders imposed under the Sri Lanka Export Development Act No. 40 of 1979, six Gazette Notifications issued imposing rules under the Special Commodity Levy Act No. 48 of 2007, and a Gazette Notification issued imposing the Revenue Conservation Order No. 02/2022 under the Revenue Conservation Act No. 19 of 1962 to Parliament for its approval.
The proposal was submitted by the Prime Minister as the Minister of Finance, Economic Stabilisation and National Policies.
New rules under Foreign Exchange Act
Cabinet approval was granted for the issuance of new rules under Section 22 of the Foreign Exchange Act No. 12 of 2017 and thereby submit the rules to Parliament for approval.
The Cabinet Paper was submitted by the Prime Minister as the Minister of Finance, Economic Stabilisation and National Policies.
Cabinet approval was granted at their meeting held on 6 December 2021 to issue a rule under Section 22 of Foreign Exchange Act No. 12 of 2017, to impose limitations for a period of six months for certain capital transactions that cause flow of foreign exchange. Thus, the period of validity of the rule imposed by the Gazette Notification issued is to end from 1 July. The Monetary Board of the Central Bank has recommended that it is suitable to issue a new rule to further implement the limitations imposed by this rule.
Social Security Contribution Tax Bill
Cabinet approval was granted to publish a Social Security Contribution Tax Bill in the Government Gazette and submit the same thereafter in Parliament for approval.
The proposal was made by the Prime Minister in his capacity as the Minister of Finance, Economic Stabilisation, and National Policies.
Parliament has passed a resolution in the 2022 budget proposals to introduce a Social Security Fund. It was decided to introduce a new tax at the rate of 2.5 per cent for importers, manufacturers, service providers, wholesalers, and retailers whose total turnover exceeds Rs 120 million per annum. The Attorney General’s clearance has been received for the Bill prepared by the draftsman for this purpose.
Preserving, promoting ‘Angampora’
The Ministry of Sports and Youth Affairs has taken steps to promote ‘Angampora,’ an important traditional game, as a martial art as well as a national heritage of the country. Cabinet approval has been granted in 2019 to lift the ban on Angampora. However, the relevant Gazette Notification has not been published so far. Therefore, Cabinet approved the proposal presented by the Minister of Sports and Youth Affairs to publish in a Gazette Notification the lifting of the ban imposed by the English colonial rulers.