COLOMBO, 17 April, 2021 (TON): Act would be a turning point for the country’s economy as it would facilitate investment in the port city, the State Minister of Finance Ajith Nivard Cabraal  said while defending against the criticism that the Colombo Port City would become a colony of China through the proposed Port City Economic Commission Bill.

The Minister noted, “Jurisdiction is exercised through the Port Commission law. Not that they are released from all jurisdiction, they are to comply with the laws of the country through the Port Commission Act, not any other Act.”

The Bill, ‘Colombo Port City Economic Commission Act’, provides legal framework for setting up of Special Economic Zone (SEZ) within the Colombo Port City and proposes the establishment of a Commission empowered to grant registrations, licenses, authorizations, and other approvals to carry on businesses and other activities in the Special Economic Zone.

He said the proposed bill would make investing in the Port City more convenient and attractive for the investors and the bill has been presented in Parliament in order to attract more investors.

Moreover, the State Minister said the businessmen operating within the Port City would be exempt of usual tax laws of the country such as Inland Revenue Act, Value Added Tax Act, Finance Act, Excise Provisions, and Debit Tax Act and businesses operating within the area would be tax exempt.