Finance Bill No. 18 of 2021 was certified by the Speaker Mahinda Yapa Abeywardena on the 15th of September 2021. The Bill was taken up for debate on the 07th September and was passed in Parliament wit amendments.
This finance bill seeks to enable persons to voluntarily disclose undisclosed taxable supplies, income and assets required to be disclosed under certain laws. It also provides for the imposition of a tax on the taxable supplies, income and assets so disclosed. It indemnifies the persons who voluntarily disclose any such taxable supply, income or asset against liability from investigation, prosecution and penalties under specified laws. The legislation also grants certain concessions to persons who had already disclosed taxable supplies, income and assets under specified laws.
134 votes were cast in favor of the Bill and 44 votes were cast in against the Bill. The vote took place as a division was called for by Chief Opposition Whip Lakshman Kiriella during the second reading of the Finance Bill. Accordingly, this Act will come into force from September 15.