Compendium of law
The Inland Revenue Act, No. 10 of 2006 is more or less a consolidation of the Inland Revenue Act, No. 38 of 2000 and the six amendments made thereto but with those provisions (subject to a few exceptions) which are not applicable to any year of assessment commencing on or after April 1, 2006 have been deleted there from. It also incorporates provisions designed to give legal effect to the income tax proposals announced in the Budget 2006.
The provisions of the Act, (with a few exceptions) apply only to any year of assessment commencing on or after April 1, 2006.
Tax if not managed efficiently and accurately it can represent a substantial outflow of funds from any business or individual. Be it may be a merger or acquisition, amalgamation or liquidation of a company, sale or purchase of property commercial or otherwise involve taxes and penalties for non-compliance.
Sri Lanka has established a complex system of laws and institutions intended to protect the interests of workers and to guarantee a minimum standard of living to its population.
This system encompasses three bodies of law
1. Labor and employment laws; govern the individual employment contract
2. Industrial and collective relations laws; regulate the bargaining, adoption, and enforcement of collective agreements, the organization of trade unions, and the industrial action by workers and employers
3. Social security laws; social response to needs and conditions that have a Significant impact on the quality of life, such as old age, disability, death, unemployment, and maternity .
The Department of Labour of the Ministry of Labour and Vocational Training is responsible for the administration and enforcement of all labour laws. The Department has powers of conciliation in industrial disputes and can refer such disputes to compulsory arbitration where necessary.
The Sri Lankan industrial law consists of inter alia about forty labour statutes, regulations gazetted under the labour statutes, decisions made by the Labour Courts and the Appellate Courts, collective agreements
COMPANIES ACT, No. 07 OF 2007
AN ACT TO AMEND AND CONSOLIDATE THE LAW RELATING TO COMPANIES
BE it enacted by the Parliament of the Democratic Socialist
Republic of Sri Lanka as follows :-
1. This Act may be cited as the Companies Act, No. 07 of 2007.
1. The provisions of this Act shall come into operation on such date (hereinafter referred to as the “appointed date”) as the Minister may appoint, by Order published in the Gazette.
COMPANIES ACT - EASY REFERNCE:
Exchange Control Regulations
Dealings in gold, foreign currency and securities in Sri Lanka is regulated by the Exchange Control Act. Central Bank of Sri Lanka is empowered to carry out the provisions of the Act.
The powers, duties or functions conferred on the Central Bank are exercised or performed by the Controller of Exchange, subject to the direction and control of the Governor of the Central Bank.
Accordingly the Controller of Exchange has issued several circulars, rules, notifications, orders and directions and, subject to the above instruments, delegated powers to authorized dealers to approve certain transactions on his behalf. There have been numerous amendments made to the several instruments issued by the Controller.
Source: Central Bank of Sri Lanka
Roman - Dutch Law is the foundation of the law of property, but it has been greatly amended by legislation and local custo