Economic Transformation Act 2024 · As enacted · Part III
94. Regulations
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
The Minister may, in consultation with the Zones
SL, make regulations in respect of all matters which are required by this Part to be prescribed or in respect of which regulations are authorized to be made.
In particular and without prejudice to the generality of the provisions contained in subsection (1), the Minister may make regulations in regard to –
determine the scope and extent of any exemption or modification of any of the written laws set out in the Schedule to this Part which may be required for the attainment of the objects of this Part;
provide for any matter which is deemed necessary for discharge of the provisions of this Part including but not limited to specifying-
procedure for allocation of sites and registration within the investment zones;
procedures for operation within the investment zones;
procedures for the matters which will include customs procedures, exemption and pre-clearances and the treatment of which shall be processed therein;
criteria and procedures for registration, approvals and licensing under this Part or for those required under any other applicable laws;
matters relating to staff and all other matters connected thereto:
Provided however, regulations shall not be made under this section providing terms less favourable than the terms and conditions of employment to which the officers and employees of the BOI holding office on the day immediately preceding the appointed date were entitled;
fees and charges to be levied for any services provided under this Part; and
require all investments falling under this Part to register with the Zones SL within a period specified in the said regulation.
Every regulation made under this section, shall be published in the Gazette and shall come into operation on the date of such publication or on such later date as may be specified in such regulation.
Every regulation made under this section shall, within three months from the date of its publication in the
Gazette, be placed before Parliament for approval. Every regulation which is not so approved shall be deemed to be rescinded as from the date of disapproval but without prejudice to anything previously done thereunder.
Notification of the date on which any regulation is deemed to be so rescinded shall be published in the Gazette.