As enacted

Contents

Colombo Port City Economic Commission Act 2021 · As enacted · Part IX · Determination and Grant of Exemptions or Incentives for the Promotion of Businesses of Strategic Importance

53. Details of Businesses of Strategic Importance to be specified by Order

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

Upon a business being so identified as a Business of Strategic Importance, the Commission shall make recommendations to the President or in the event that the subject of the Colombo Port City is assigned to a Minister, to such Minister relating to the designation of such business as a Business of Strategic Importance and the grant of any exemptions or incentives in terms of section 52 of this Act.

(2)

The President or in the event that the subject of the

Colombo Port City is assigned to a Minister, such Minister may, having considered such recommendations, and having regard to the national interest or in the advancement of the national economy, in consultation with the Minister assigned the subject of Finance, take such steps as are necessary to inform the Cabinet of Ministers, of –

(a)

the rationale for considering such business as a

Business of Strategic Importance;

(b)

the specific exemptions from those enactments listed in Schedule II to this Act, that are proposed to be applicable to such Business of Strategic

Importance and any other incentives;

(c)

the proposed date of commencement and date on which such exemptions or incentives shall cease to be operative, however not exceeding forty years from the date of commencement of such exceptions or incentives;

(d)

the name of the applicant of the business being identified as a Business of Strategic Importance, in order to obtain the approval of the Cabinet of Ministers for the designation of such business as a Business of Strategic

Importance and for the granting of exemptions or incentives to such business, as provided for in section 52 of this Act.

(3)

Within two weeks from the date on which the

Cabinet of Ministers approves the designation of a business as a Business of Strategic Importance and the granting of the exemptions or incentives so approved, the President or in the event that the subject of the Colombo Port City is assigned to a Minister, such Minister shall, by Order published in the Gazette, specify –

(a)

the rationale for considering such business as a

Business of Strategic Importance;

(b)

the specific exemptions from those enactments listed in Schedule II to this Act that are applicable to such Business of Strategic Importance and any other incentives granted;

(c)

the date of commencement and date on which such exemptions and incentives shall cease to be operative; and

(d)

the name of the applicant of the business identified as a Business of Strategic Importance.

(4)

Upon the expiry of thirty days from the date of such

Order published in the Gazette under subsection (3), such

Order along with a written confirmation issued under the hand of the Commission confirming that the exemptions or incentives set out in the notification are compliant with the provisions in terms of Part IX of this Act, shall be placed before Parliament for information.

(5)

For the purposes of this Part of this Act, a “Business of Strategic Importance” shall mean a business that is projected to ensure the success of establishing the Colombo

Port City, having regard to the national interest or in the advancement of the national economy, and which is likely to bring economic and social benefit to the country, or is likely to change the landscape of the Colombo Port City, or which will enable global or regional business or service linkages, primarily through-

(a)

the strategic importance attached to the proposed business;

(b)

the inflow of foreign exchange into the Area of

Authority of the Colombo Port City, as a foreign direct investment into such business or expected to be generated through such business;

(c)

the generation of employment that will enable income earning opportunities in designated foreign currencies other than in Sri Lanka Rupees, to those employed within the Area of Authority of the

Colombo Port City;

(d)

the envisaged transformation of knowledge in terms of the promotion of services, or the development or use of technology, including information technology;

(e)

the destination promotion envisaged for Sri Lanka, through the promotion of tourism, entertainment and shopping activities, or through the promotion of urban amenity operations with the settlement of a residential community within the Area of

Authority of the Colombo Port City; and

(f)

the impetus envisaged through the promotion of services in and from the Area of Authority of the

Colombo Port City, with the setting up of corporate headquarters operations and regional distribution operations.

Part X

Applicability of the Condominium Management Authority Law and the Apartment Ownership Law

Read on from Part X

Part XI

Applicability of the Securities and Exchange Commission Act

Read on from Part XI

Part XII

Estate Manager and Provision of General Services

Read on from Part XII

Part XIII

International Commercial Dispute Resolution Centre

Read on from Part XIII

Part XIV

Priority in Hearing Legal Proceedings

Read on from Part XIV

Part XV

Interim Provisions and Investment Protection

Read on from Part XV

Part XVI

Miscellaneous Provisions

Read on from Part XVI