The Committee on Public Finance (COPF), during its recently held meeting considered and approved the Order under the Foreign Exchange Act, No. 12 of 2017, a the statement issued by the Committee mentioned.
As a result, the eligible migration allowance for the emigrants who are claiming the migration allowance for the first time was increased from $30,000 up to a maximum of $50,000 or equivalent in any other designated foreign currency.
The COPF discussion, chaired by Dr. Harsha de Silva, was held at the parliamentary complex on 05 September.
The Committee questioned the position of equity for those who migrated the year before the order was put in place. The officials present stated that emigrants who have already claimed migration allowance could claim the remainder up to a maximum of $20,000.
Moreover, the Social Security Contribution Levy (Amendment) Bill was also considered by the Committee on Public Finance and was approved.
Accordingly, the said Bill intends to amend the said Act to exempt any motor vehicle liable to the excise duty under the Excise (Special Provisions) Act, No. 13 of 1989 on the importation in considering excise duty is a composite tax introduced to simplify the tax structure, previously included in the Act, Parliamentary Communications Department stated.
Furthermore, it also intends to exempt equipment used by persons with disabilities to lower the tax burden on such persons, rough unprocessed gemstones imported for re-exporting after cut and polishing to maintain the competitiveness of such Sri Lankan business in the global market by lowering the tax burden and any items sold at duty-free shops, similar to other import taxes.
However, the Committee questioned the officials present regarding the motive, effectiveness and impact of exempting equipment used by persons with disabilities to lower the tax burden when access for persons with disabilities is not being facilitated.
State Minister Dr. Suren Raghavan, Members of Parliament Chandima Weerakkody, Vajira Abeywardana, Patali Champika Ranawaka, Nimal Lanza, Isuru Dodangoda, Dr. Major Pradeep Undugoda, Dr. Nalaka Godahewa, Mahindananda Aluthgamage and Madhura Withanage were also present at this Committee meeting held.