By: Staff Writer
February 15, Colombo (LNW): The Committee on Public Finance (CoPF) at its inaugural meeting held under the Chairmanship of MP Dr. Harsha de Silva has summoned the Director General of the Fiscal Policy Department of the Finance Ministry to inquire into the delays in establishing a gaming regulator.
Despite the agreed upon deadline of 31 December 2023 for the regulator’s establishment, it remains unresolved, the CoPF observed during the meeting. It was also revealed that the committee has received no responses to its follow-up inquiries.
Stressing the vital role of a gaming regulator in both attracting investment and recouping billions of lost revenue, COPF members emphasises the urgency of this legislation. They highlighted that inadequate regulations result in substantial losses for the Government coffers.
Consequently, the Finance Ministry representative indicated a need for additional expertise to construct a robust revenue model similar to Singapore’s.
The CoPF instructed the Director General to provide details on physical and online casinos, including tax amounts and requested a proposed plan to recover outstanding taxes. The Committee granted a two-week extension for it, while expecting completion of the legislation by 31 March as agreed.
The Committee also approved the Secured Transaction Bill, paving the way for the implementation of the Secured Transactions Act of 2023 in Sri Lanka.
This Act establishes clear rules for securing transactions involving movable property, ensuring creditors’ rights are protected and prioritised.
It mandates the creation of the Secured Transactions Registration Authority to oversee registration and maintenance of security rights, aiming to streamline the process and provide SMEs with better access to credit for growth.
In essence, this legislation enables individuals to use movable assets, like household appliances or business equipment, as collateral to secure loans for business development. It fosters increased credit availability for SMEs while ensuring the integrity of transactions through the registry authority, guarding against fraudulent activities.
The Committee also took into consideration Order under Subsection (4) of Section 3 under Strategic Development Projects Act No. 14 of 2008 and the Regulations under the Imports and Exports Control Act, No. 1 of 1969. Following consideration, the Committee approved the said Order and Regulation.
