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Colombo Port City: Regulations gazetted to register offshore companies

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The Government has gazetted regulations to fully permit the registration of offshore companies in the Chinese-built Colombo Port City but the promulgation of a framework allowing incentives and exemptions to “businesses of strategic importance” (BSIs) is still overdue, official sources said.

The enactment of enabling legislation to allow for widespread activities within the Port City continues to lag, the sources pointed out.

For instance, guidelines for businesses to obtain operating licences were first published in late September. They said companies seeking permits to set up within the Port City area must pay a US$ 2,500 application fee and a US$ 2,000 annual fee to allow them to qualify as “authorised persons” in the specified areas.

But application forms for the registration of such businesses with the Registrar-General of Companies (RGC) were only gazetted two weeks ago. Accordingly, provided the required documents are in order, the RGC shall register a business as an offshore company within three days. And it will be entered into a Register of Offshore Companies-Colombo Port City Commission.

However, the Colombo Port City Economic Commission Act also makes provision for companies to be categorised as BSIs whereupon they will receive exemptions or incentives. These must be promulgated by regulation. But they are under discussion, the sources said, expressing concern that investor interest could flag. The classifications and definitions are yet to be decided upon, they said. As it stands, therefore, a company can be licensed and continue to operate under the directors of the Colombo Port City Economic Commission Act minus the incentives and exemptions it would receive if classified as a BSI, they said.

“The latest gazette should have come out two-and-a-half months ago,” one source pointed out. “But two gazettes were issued and one wasn’t. A lot of investor interest was built up. They are now waiting to see what incentives and exemptions they would qualify for. Bear in mind that Colombo Port City faces competition from a global perspective.”

In July, the Central Bank of Sri Lanka (CBSL) authorised a special class of bank account called the Colombo Port City Investment Account (CPCIA) exclusively to carry out business in the Port City Special Economic Zone (SEZ).

There are two types of CPCIAs—investor and investee. The accounts may be used by companies seeking to attract foreign currency from overseas to establish businesses.

Banks setting up within Port City will be licensed under the Colombo Port City Economic Commission Act for carrying out business within its area of authority. They will be governed by rules and regulations issued by the Commission and not CBSL. But the guidelines are formulated in consultation with the Monetary Board of Sri Lanka and the Finance Ministry.

(sundaytimes.lk)

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Tower collapses on a house, injuring 02

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02 people have been injured when a part of a telecommunications tower collapsed on a house in the Upper Thannekumbura area of Kandy.

The Director General of the Disaster Management Center, retired Major General – Sampath Kotuwegoda, stated that the injured were a woman and her daughter who live in the house.

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Hearing of case against Yoshitha & his grandmother, adjourned

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The Colombo High Court has fixed the case filed against Yoshitha Rajapaksa – second son of former President Mahinda Rajapaksa – and his maternal grandmother Daisy Forrest (also known as “Daisy Achchi)” to be heard on July 11.

The Attorney General has filed the case alleging that the duo committed an offence under the Prevention of Money Laundering Act by illegally acquiring assets and properties valued at approximately Rs. 73 million.

The case was taken up today (30) before Colombo High Court Judge Aditya Patabendige and during the trial, Senior State Counsel Udara Karunatilaka, appearing for the prosecution, submitted a document relevant to the case to the court.

President’s Counsel Sampath Mendis, representing the defense, submitted a list of documents and witness statements required for trial preparation, and requested that the prosecution provide them to ensure a fair trial.

In response, Judge Patabendige directed the Senior State Counsel to take necessary steps to furnish the requested documents and statements to the defense.

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QR code introduced for easy TIN registration

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The Inland Revenue Department (IRD) has introduced a QR code to simplify the registration process for Taxpayer Identification Numbers (TINs), Commissioner General of Inland Revenue, Ms. R.P.G.H. Fernando said.

Through the QR code, individuals can conveniently check whether they are already registered with a TIN. If not, they will be guided on how to obtain one by contacting the Inland Revenue Department.

According to the department, over 10 million TINs have already been issued to the public as part of efforts to improve tax administration and compliance.

(dailymirror.lk)

(This story, originally published by dailymirror.lk has not been edited by SLM staff)

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