The Finance Bill, which indemnifies persons who voluntarily disclose taxable supply, income or assets, against liability from investigation, prosecution and penalties was passed by a majority of 90 votes with 134 MPs voting in favor and 44 voting against the bill. Meanwhile, the Securities and Exchange Commission of Sri Lanka Bill, which seeks to regulate the capital market in keeping with current international best practices was passed without a vote.
The new law, which will replace the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 enhances the powers of the Commission and auditors and deals comprehensively with market misconduct with fines for those violating the law going from Rs. 1 million to up to Rs. 25 million with jail sentences between five to 10 years.