The Supreme Court has notified Parliament that several clauses of the recently presented Finance Bill are not in line with the Constitution.
The determination of the Supreme Court was announced by Speaker of House Mahinda Yapa Abeywardena during the start of this morning’s Parliament sitting.
The Speaker informed the House that amendments made to clauses, 4/1, 5/1, 5/2, 5/3, 5/4, 5/5, 6/1, 7/1, 12b, 13/1, 14 and 20 and the entire article 17 are inconsistent with the Constitution.
Accordingly, Supreme Court has informed that if the relevant clauses are amended the proposed bill can be passed in Parliament with a simple majority.
The proposed bill presented by the Minister of Finance if passed, will enable persons to voluntarily disclose undisclosed taxable supplies, income and assets required to be disclosed under certain laws; to provide for the imposition of a tax on the taxable income and assets; to indemnify the persons who voluntarily disclose any such taxable supply, income or asset against liability from investigation, prosecution and penalties under specified laws.