The Colombo Port City Economic Commission Act was passed in Parliament on May 19 and has now been ratified by the speaker.
The commission will function on the basis of a three year term and will act as a single window investor facilitator for all the projects and financial investments within the Colombo Port City (CPC). Land within the Port City falls under the purview of the Commission and any lease of land for a project will have to be coordinated with the Commission.
Accordingly,President Gotabaya Rajapaksa recently appointed seven members to the Colombo Port City Economic Commission.Of the seven members, three were leaders from the private sector. Gamini Marapana PC has been appointed as the chairman of the Economic Commission.
The members appointed are as follows.
- Gamini Marapana PC (Chairman)
- Kushan Kodituwakku (Chairman and Managing Director of Orel Corporation and board member of the ICT Agency)
- Rohan de Silva (Chairman and Managing Director of McLarens Group
- Gerard Ondaatjie (Director of Tangerine Group of Hotels and Managing Director of Mercantile Investment and Finance)
- Saliya Wickramasuriya (Former Chairman of the Board of Investment and the Sri Lanka Ports Authority)
- S R. Attygalle (Secretary to the treasury)
- Dr. Priyath Bandu Wickrama (Water Supply Ministry, Secretary)
[Members can be reappointed to the commission.]
The CPC which falls within the administrative District of Colombo (also known as “the Colombo Port City Special Economic Zone”) will be developed as a Special Economic Zone , to facilitate investments and promote businesses.
The Commission has the authority to grant tax exemptions under the following laws:
- The Finance Act No. 11 of 2002
- The Finance Act No. 5 of 2005
- The Inland Revenue Act No. 24 of 2017
- The Value Added Tax Act No. 14 of 2002
- The Customs Ordinance
- The Excise (Special Provisions) Act No. 13 of 1989
- The Sri Lanka Export Development Act No. 40 of 1979
- Termination of Employment of Workmen (Special Provisions) Act No. 45 of 1971
- The Ports and Airports Development Levy Act No. 18 of 2011
- The Betting and Gaming Levy Act No. 40 of 1988
- The Entertainment Tax Ordinance
- Casino Business (Regulation) Act No. 17 of 2010
A license must be obtained from the Commission, prior to engaging in business activities in the CPC. A legal contract will be signed between the commission and other relevant parties, prior to commencement of business activities. The agreement will outline relevant
- terms and conditions
- concessions and exemptions afforded for the project
- total value of foreign direct investment committed to be made