14 February 2024 09:54 pm Views - 569
It was revealed at the COPF meeting that a gaming regulator had not been established before deadline of December 31, 2023., the Communications Department of Parliament said.
Stressing the vital role of a gaming regulator in both attracting investment and recouping billions of lost revenue, COPF members emphasized the urgency of establishing this legislation and highlighted that inadequate regulations result in substantial losses for the government.
Representatives of the Finance Ministry stressed the need for additional expertise to construct a robust revenue model similar to that of Singapore.
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. 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.