The Committee on Public Finance (COPF) has refused to approve the order under the Strategic Development Project Act No. 14 of 2008 which was scheduled to be debated in Parliament today (04).
Dr. Harsha de Silva chaired a meeting of COPF yesterday, where the Board of Investment failed to provide proper analysis on the matter.
This order mentioned in gazette no. 2291/25 of August 03 2022 enacted by the president as the minister of finance was presented to the House on September 20.
The COPF chairman inquired from the BOI about the economic benefits through this provision which had sought to provide 12 years of zero tax to any company investing in Sri Lanka.
He expressed strong displeasure as the BOI failed to provide sufficient information and said that he could not approve it at this time.
Dr. de Silva pointed out that requisite information on the economic impact should be presented to the committee when making such decisions.
He instructed the BOI to present all data and analysis relating to the order to the COPF today.
