Annual Report 2010 - Ministry of Finance and Planning

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Ministry of Finance and Planning Sri Lanka > Annual Report 2010StatuteInland Revenue (Amendment) Act No. 22 of 2011Tax Appeals Commission Act No. 23 of 2011ObjectiveTo reduce the rates of individual taxes, to expand tax slabs, torevise corporate tax rates, to simplify the income tax system,to improve tax administration, to appoint an InterpretationCommittee, to grant concessions to identified segments of thesociety affected during the conflict period.To establish an autonomous Tax Appeals Commission, to hear allappeals relating to imposition of taxes and levies with regard toStatutes set out in the Schedule, and to make the appeal processindependent and expeditious.Box 3.5Tax Appeals Commission Act No. 23 of 2011Effective from 1.4.2011Tax Appeals Commission Act No. 23 of 2011The Tax Appeals Commission established by Tax Appeals Commission Act No. 23 of 2011, is responsible for the hearing of allappeals in respect of matters relating to imposition of any tax or levy.As required in terms of the provisions of the Act the following are the members appointed by the Minister of Finance asmembers of the Commission;1. Justice Hector Yapa – Retired Judge of the Supreme Court.2. Mr. P. A Pematillake – Retired Auditor General.3. Mr. Jolly Somasunderam – Retired Director, National Budget Department.The Hon. Minister has also appointed Mr. K. A. P. Kaluarachchi – a Deputy Commissioner General of the Inland RevenueDepartment, released on full-time basis, as the Secretary to the Commission. A panel of 10 Legal Advisors are also beingappointed to assist the Commission.As provided for in the Act, a person aggrieved by a determination of the Commissioner General of Inland Revenue given inrespect of an imposition of a tax or levy under the provisions of the Inland Revenue Act No. 10 of 2006, Value Added Tax ActNo. 14 of 2002, Nation Building Tax Act No. 9 of 2009 or the Economic Service Charge Act No. 13 of 2006 could appeal tothe Commission upon the payment of a sum equivalent to 25 percent of the assessment as assessed by the CommissionerGeneral of Inland Revenue, which assessment is the subject of the appeal.Once the intention of an aggrieved party to prefer an appeal against a determination is communicated to the Commissionand within one month of receipt of such appeal, a copy of the same is forwarded to the Commissioner General by theCommission requiring him to transmit in writing the reasons for his determination.If the party aggrieved is not satisfied with the reasons given by the Commissioner General, he has the right to refer an appealto the Commission, within 30 days on receipt of the same.A decision in respect of the appeal has to be made within One Hundred and Eighty (180) days from the date of thecommencement of the hearing of such appeal.The appeals pending before the respective Board or Boards of Review are transferred to the Commission. If any appeal hadcommenced prior to the date of coming into operation of this Act, such appeal should either be determined or an opinionshould be expressed within One Hundred and Eighty (180) days from the date of coming in to operation of the Act.179
3 | REFORM INITIATIVESThe Investment RegimeSection 16 of the BOI LawSection 17 of the BOI LawForeign Investors seeking to bring inward Foreign DirectInvestment, could get approval of the Board of Investment(BOI) in terms of this section.Foreign Investors seeking concessions to bring inwardForeign Direct Investment could seek facilitation of the BOIunder this Section. The BOI may grant exemptions fromthe laws referred to in Schedule B of the BOI Act i.e. InlandRevenue Act, Customs Ordinance, Exchange Control Act,Companies Act, Merchant Shipping Act, Finance Act No.65/1961 and Air Navigation Act.Inland Revenue Act No. 10 of 2006, as amendedStrategic Development Projects Act No. 14 of 2008,as amendedThe BOI and the Inland Revenue regime has beenharmonized in relation to Section 17.16 A Fisheries, 16 B Seed and Plant Material, 16 C MediumScale Investments, 17 A Large Scale Investments, 24 ACinamatographic Films (For details, refer the explanatorysection below on Fiscal Concessions and Incentives underthe Inland Revenue Act).Foreign Investment of a strategic nature could be treated interms of the Strategic Development Projects Act. The BOIcan facilitate this process in consultation with the Ministerin charge of the subject of Investment and the Ministerin charge of the subject of Finance, having followed theprocess envisaged in the Act.Fiscal Concessions and Incentives - Inland Revenue Act No. 10 of 2006, as amendedItemDescriptionSection - 16A Fisheries- Exempt Undertakings - Any person or partnership carrying on an undertakingfor fishing.- Criteria for exemption - “Undertaking for fishing” includes cleaning, sizing,sorting, grading, chilling, dehydrating, packaging,cutting or canning of fish in preparation for the market.- Investment Requirement - Not applicable.- Period of tax holiday - The trade profits and income within the period of five years,commencing 1.4.2011.- Relevant Gazette No. - Need not be gazetted.Section - 16B Seed and Plant Material- Exempt Undertakings - Any person or partnership carrying on an undertakingof producing agricultural seeds or planting material, orprimary processing of such seeds or material.- Criteria for exemption - Carrying on an undertaking of producing of agriculturalseeds or planting material, or primary processing ofsuch seeds or material.- “Primary processing” means cleaning, sizing, sorting,grading, chilling, dehydrating, cutting, canning orpackaging for the purpose of preparation of suchproduce for the market.180
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Ministry ofFinance and Planning(as
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Heads ofDepartments under thePurvie
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ContentsChapter 1 Development Persp
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Chapter 5 Foreign Financing 243Over
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Ministry of Finance and Planning Sr
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SRI LANKA AT A GLANCE - 2005 & 2010
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BRIEFINGSBriefings“Much remains t
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1 | DEVELOPMENT PERSPECTIVESEconomi
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1 | DEVELOPMENT PERSPECTIVESThe Ser
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Financial StatementsHead-wise Summa
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Annual Report 2010 - Ministry of Finance and Planning

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