Dec 31, 2016

Sri Lanka goes for legal reforms to ease of doing business

The Government will undertake an assessment of all regulations that affect business, removing all that are not strictly necessary for public health, safety or maintaining security.

The aim is to streamline the legal system for the ease of doing business as the country has dropped one place in the World Bank’s ease of doing business index despite some key reforms, the bank’s latest ranking showed.

“Over the past year Sri Lanka made progress in two reform areas that are covered by the Doing Business report, namely Starting a Business and Protecting Minority Investors,” a statement said.

“The improvements, while important, were not enough to stop a decline in the country’s overall rank from 109 in 2016 to 110 in 2017.”

Under this set the government ha sunder taken the task of making legal reforms conducive for foreign investors.

Where regulations remain, they will be reformed where necessary to ensure that they impose the least possible burden on economic performance.

New regulations will be rigorously reviewed to avoid unnecessarily undermining economic growth. Important laws defining the macro-economic framework are being reviewed, amended and passed through Cabinet and Parliament.

These include, inter alia, - Fiscal Responsibility Law - Revenue Authority Law - Inland Revenue Law - De-Regulation Laws - Economic Management Law - Intellectual Property Law - BOI Law.

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