Sri Lanka Port City duty free shopping complex in legal quagmire

Sri Lanka
By Editor_1
Workers pass hoardings for the Colombo Port City, developed by China Harbour Engineering Co., a unit of China Communications Construction Co., in Colombo, Sri Lanka, in 2018 - Atul Loke/Bloomberg

COLOMBO – Duty-free concessions given by Sri Lanka’s Colombo Port City Commission to operate duty-free shops in a special economic zone would have to be reversed, as they had no legal basis, the former chairman of the Parliament’s Committee on Public Finance said.

There was to be a 5,000 US dollar allowance for returning Sri Lankans and unlimited amounts for foreigners, according to concessions gazetted on May 29, 2023.

Sri Lanka’s Parliament has control of public finance, and changing taxes by gazette notice, a type of prerogative power has been questioned.

“The Port City Commission listed up 200-300 items that would be made duty free, to be sold at the new downtown duty-free complex, which should also have a 25% tax holiday, in addition to being duty free,” opposition legislator Harsha de Silva, who was chairman of the Parliament’s Committee on Public Finance told an economic forum organized by Colombo-based Advocata Institute.

“So, my question to the Commission was, who gave you the power to make this legislation?” he said, adding that the response had been, that the Commission had the authority to make rules.

However, he said they after reading the rules, found it referred to community rules, and went to explain, “In that case, it’s something asking you to stick to a dress code if you are to come to my club, which is not something you have to exclude yourself from taxes.

“So, we have now directed them to rescind the gazette.”

But several businesses had signed up to run duty-free shops on the tax breaks that were announced creating a problem that has to be now resolved, de Silva said.

Sri Lanka has a habit of changing import duties by minister’s prerogative through several laws including CESS and PAL, which are called para-tariffs that add to the uncertain policy environment in the country.

Tax breaks given through a Strategic Development Project Law which also has sweeping discretionary powers have also been questioned.

-economynext.com

 

Editor_1
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