COPF approves basis for granting tax concessions to BOI companies | Daily News

COPF approves basis for granting tax concessions to BOI companies

COPF Chairperson Dr. Harsha de Silva speaks at the meeting yesterday.
COPF Chairperson Dr. Harsha de Silva speaks at the meeting yesterday.

The Order under the Strategic Development Project Act, No. 14 of 2008 published under the Extraordinary Gazette Notification 2291/25 which did not received approval of the Committee on Public Finance on Monday (03) received the approval of the Committee yesterday following the presentation of proper analysis by the Board of Investment.

The Board of Investment was instructed on Monday to come before the committee with all the data and analysis by 9.00 am yesterday. Accordingly, the Committee on Public Finance (COPF) met yesterday (04) at 9.00 am under the chairmanship of Dr. Harsha de Silva. Thereafter, the Investment Board presented the requisite data and thus approval was given.

This Order published under the Gazette No. 2291/25 dated August 3, 2022, enacted by the President as the Finance, Economic Stabilization and National Policies Minister, was presented to Parliament on September 20.

The committee pointed out that although the gazette was approved, the basis for giving tax concessions for a period of 17 years to the company making the investment should be properly analyzed and a proper policy should be prepared in future to determine the tax concessions given according to the amount of the investment.

Minister Vidura Wickramanayaka, State Ministers Shehan Semasinghe and Dr. Suren Raghavan, Members of Parliament Anura Priyadharshana Yapa, Chandima Weerakkody, Mayantha Dissanayake, Harshana Rajakaruna and Prof. Ranjith Bandara and officials were present at this meeting.

 


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