The Cabinet of Minister have approved a proposal to increase the penalties imposed in the country for offences under the penal code.
The Cabinet of Ministers approved the proposal presented by Minister of Justice and Prison Reforms Thalatha Athukorale to instruct the Legal Draftsman to draft bills to increase penalties for offences of the penal code in accordance with the recommendations of the committee appointed.
The Cabinet of Ministers has also approved the proposal presented by the Minister of Finance to establish the “Credit Regulatory Commission” as an autonomous body with legal authority, governed by the Ministry of Finance repealing the existing Microfinance Act.
Meanwhile the Cabinet has also approved the proposal presented by the Minister of Finance to draft bills for revising Value Added Tax Act No.14 of 2002, Nation Building Act No.09 of 2009, Economic Service Charge Act No 13 of 2006, Inland Revenue Act No.24 of 2017, Finance Act, and Betting and Gaming Levy Act No. 40 of 1988 to insert necessary amendments.
