COPF emphasizes need for Gross Gaming Revenue Collection Methods
During the inaugural meeting of the fifth session of the ninth Parliament held on Wednesday (14), Assistant Secretary General of Parliament, announced to the Committee on Public Finance (COPF) that MP Dr. Harsha de Silva has been re-appointed as the Chair of the Committee.
The Assistant Secretary-General informed the Committee that the Committee of Selection had nominated MPs to serve on the Committee on Public Finance, and MP Dr. Harsha de Silva’s re-appointment as the Chair was confirmed on February 8.
The COPF tackled the pressing issue of the significant delay in establishing a gaming regulator, leading to the summoning of the Director-General, Fiscal Policy. Despite the agreed-upon deadline of December 31, 2023, for the regulator’s establishment, it remains unresolved, with COPF receiving 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 emphasized the urgency of this legislation. They highlighted that inadequate regulations result in substantial losses for the Government. Consequently, the MOF representative indicated a need for additional expertise to construct a robust revenue model similar to Singapore’s.
The Committee instructed the Director General to provide details on physical and online casinos, including tax amounts and requested a proposed plan to recover outstanding taxes. COPF granted a two-week extension for this while expecting completion of the legislation by March 31st, 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 prioritized. 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 on Public Finance 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.
State Ministers Dr. Suren Raghavan, Dr. Seetha Arambepola, MPs Johnston Fernando, Mahindananda Aluthgamage, Duminda Dissanayake, Vajira Abeywardana, Madhura Withanage, U. K. Sumith Udukumbura, Chandima Weerakkody, M. W. D. Sahan Pradeep Withana, Harshana Rajakaruna, Premanath C. Dolawatte were present at the meeting.
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