Annual Report 2008 - Ministry of Finance and Planning

4. Reform Initiatives
194
Table 4.8
Overall Excise Duty Revenue
Date
Amended
Arrack per
proof Ltr
Foreign Liquor
for Proof Ltr
Beer - 1
per Ltr - 1 Beer- 2
per Ltr
Wine per
proof Ltr
2003.01.01 299 399 15.00 25.00 149
2003.09.09 330 440 20.00 35.00 149
2004.01.01 351 470 22.50 38.50 190
2004.11.19 366 490 27.50 43.50 200
2005.11.19 381 510 32.50 48.50 225
2005.12.09 396 525 37.50 53.50 250
2006.10.05 421 550 37.50 53.50 275
2007.03.13 446 575 37.50 53.50 300
2007.10.24 510 640 38.00 54.00 365
2008.10.08 560 690 48.00 64.00 415
Source; Department of Excise
1.
Alcohol percentage below 5% - Beer
2.
Alcohol percentage over 5% - Beer
Reflecting a more stringent regulatory approach, there
has been an increased number of raids carried out by the
Excise Department and Police Department, in an attempt to
eradicate the production of illicit liquor.
Chart 4.3
SECURITIES AND EXCHANGE COMMISSION
The Securities and Exchange Commission of Sri Lanka (SEC)
in a bid to achieve its objectives to create and maintain a
securities market that is fair, efficient and transparent, has
undertaken the following initiatives in 2008.
As per the Capital Market Master Plan, SEC has proceeded
to introduction of Securitization to the Capital Market of Sri
Lanka. In working towards this objective, SEC undertook
the coordination of drafting of the Securitization Act. The
Bill was finalized in 2008 having gone through an intensive
review carried out by the SEC together with representatives
of the Central Bank, Attorney General’s Department, Legal
Draftsman’s Department and the Ministry of Finance
and Planning. The Bill has been finalized and submitted
to the Parliament and the preparation of consequential
amendments to other statutes to facilitate the successful
implementation of the Securitization Act is in progress.
SEC as a part of its Corporate Plan has identified the need
to amend the SEC Act No 36 of 1987 in its totality to address
needs of changing trends in the world, and also to pave the
Ministry of Finance and Planning Sri Lanka
Annual Report 2008