Only tax exemptions will be offered - Treasury Secretary | Page 2 | Sunday Observer
No authorisation for Port City to go beyond existing laws

Only tax exemptions will be offered - Treasury Secretary

18 April, 2021
S. R. Attygalle
S. R. Attygalle

There will be only tax exemptions and investment facilitation granted to the Port City through the legislation which in no way would permit the city to function beyond the existing laws of the country, said Treasury Secretary S.R. Attygalle rebuffing claims by the Opposition that the Colombo Port City Economic Commission Bill would pave the way for the port city to function as a separate territory.

“The gazette clearly states that there would be only certain tax reliefs offered to woo in investments and promote the city globally,” Attygalle said.

He said that all anti money laundering and smuggling preventive measures have been covered by the law. “The Opposition claims have no base. They are only speculation. Those who read the gazette will know what it contains,” the Treasury Secretary said. Government officials refuting claims that the city would function independently from the laws of the mainland, said that the legal structure of the city had been approved by three former administrations and that the Colombo Port City Economic Commission is structured similar to the Greater Colombo Economic Commission concept.   However, Opposition parties alleged that the proposed Colombo Port City Economic Commission Bill will turn Colombo Port City into a Chinese colony.

Leader of the Janatha Vimukthi Peramuna, Anura Kumara Dissanayake, said recently that the Bill would pave the way for the city to function independent of the existing laws of the country.

He said that the Bill empowers the Head of the State to appoint a Colombo Port City Economic Commission which would comprise around seven members named by him.

Dissanayake said that the law would provide financial powers and judicial immunity to the Commission.Opposition parties also said that local businesses would not be permitted to formulate procedures in the  city  and alleged that the Commission would be empowered to pay salaries of employees of the city in foreign currency.

The Commission which is said to be  independent in the conduct of its operations is said to advertise calling for staff from abroad.

Comments