Navigating the complexities of global jurisprudence.

The Colombo Port City Economic Commission Bill (“Bill”) published in the Gazette Notification dated 24.03.2021 was passed in Parliament on 20.05.2021 with the amendments proposed by the Supreme Court. The Bill provides for the (i) establishment of the Colombo Port City as a Special Economic Zone (“Port City”); (ii) establishment of the Colombo Port City Economic Commission (“Commission”) entrusted with the administration, regulation and control of matters connected with business and other opera

A divorce can be obtained in Sri Lanka on establishing one of the following grounds (Matrimonial faults) in Court: 1. Adultery subsequent to marriage 2.Malicious Desertion (where the party at fault leaves the Matrimonial home) or Constructive Malicious Desertion (where the innocent party is compelled to leave the matrimonial home by the Party at fault) 3.Incurable impotency at the time of marriage In order to obtain a divorce in Sri Lanka, an action must be filed by the plaintiff alleging on

The Ministry of Finance issued circular No. MF/01/2020 dated 08.03.2021 (“Circular”) to fast-track implementation of development activities. The salient points of the Circular are as follows: 1. A simplified process for obtaining Letters of Credit/Letters of Comfort and Letters of Guarantee. 1. * The Cabinet of Ministers has authorized the Secretary to the Treasury to issue Collateral such as Treasury Guarantees, Letters of Comfort and Letters of Credit within the applicable statut

<p>The Ministry of Finance issued a series of regulations repealing the regulations issued under the Extraordinary Gazette Notification 2045/56 dated 17.11.2017 (“<b>Repealed Regulations</b>”). The new Foreign Exchange (Classes of Capital Transactions Undertaken in Sri Lanka by a Person Resident outside Sri Lanka) Regulation No. 02 of 2021 (vide Gazette Extraordinary No.2213/35 dated 03.02.2021) (“<b>New Regulations</b>”) has introduced significant amendments to the permitted capital transactio

<p>The web notice dated 13th January 2021 was issued by the Department of Inland Revenue (“<b>DIR</b>”). A summary of&nbsp;<u>income tax</u>&nbsp;proposals made in the National Budget – 2021 as mentioned in the said notice is set out below:</p> Such proposals will be implemented after formal amendment to the Inland Revenue Act No.24 of 2017 (“IRA”). 1. Exemptions NO. EXEMPTIONS ELIGIBILITY CRITERIA EFFECTIVE DATE AND/ OR EXEMPTION PERIOD 1. Remittance Tax of 14% payable on remitta

<p>Sri Lanka has ratified all key International conventions (such as the International Labour Organization Convention 138 on the minimum age for employment) and has sufficient legislation for the eradication of child engagement in labour, ‘hazardous’ or otherwise.</p><p>Due to this reason, the Government has decided to link the minimum age for admission to employment or work with the age of completion of compulsory schooling, thereby raising the minimum age of employment from fourteen (14) to s

<article><p>Termination of employment in Sri Lanka is governed by 2 principal statutes namely the Industrial Disputes Act No.43 of 1950, as amended (“IDA”) and the Termination of Employment of Workmen (Special Provisions) Act No.45 of 1971, as amended (“TEWA”). On a collective reading of these statutes, termination can only be effected in the following circumstances:</p><ol><li>With the employee’s consent (generally in the form of a resignation);</li><li>With the prior written approval of the C

Real Estate Investments Trusts, known as ‘REIT’ is a Unit Trust that will invest principally in income generating real estate. REIT has been established within the existing Sri Lankan legal framework. It appears to have been structured from a local investor perspective and the Sri Lankan environment in which it will operate; as well as in the context of the other legislation already in force and relevant to aspects of REITs such as laws concerning the sale and purchase and lease of real estate a

A bill titled the 20th Amendment to the Constitution of Sri Lanka (‘Constitutional Amendments’) was presented to the Parliament on 23rd August 2017 and gazetted on 02nd of September 2020. The Constitutional Amendments retain some of the reforms introduced by the 19th Amendment, including inter alia Article 14A of the Constitution which introduced the Right to Information, the 5-year term limit for the President to hold office and the provisions allowing the President to be elected twice to the

BOI exporters and Customs House Agents (CHAs) are required to comply with the following guidelines when clearing imported raw materials (with effect from 20th April 2020). The guidelines are meant to ensure a paperless process in the clearing of raw materials. 1. Submission of the electronic Bills of Lading: The Ship’s Agents and Freight Forwarders are required to submit the electronic Bills of Lading to the Automated System for Customs Data (“ASYCUDA”) 2. Submission of the electronic Customs