Insights

EU data protection law has come a long way over the last two decades.

EU data protection law has come a long way over the last two decades. Regulation (EU) 2016/679, (the General Data Protection Regulation, or “GDPR”), which replaces Directive 95/46/EC, (the “Directive”), was published on 4 May 2016 and was the culmination of a four-year legislative process. It will enter into force in May 2018. The GDPR […]

READ MORE


The Foreign Exchange Act no. 12 of 2017 which abolishes the Exchange Control Act was brought into operation with effect from the 20th of November 2017.

The Foreign Exchange Act no. 12 of 2017 which abolishes the Exchange Control Act was brought into operation with effect from the 20th  of November 2017. Regulations implementing the provisions of the Act have also been gazetted. The new Act liberalizes foreign exchange control to some degree although there still remain considerable restrictions on persons […]

READ MORE


The Revocation of Irrevocable Deeds of Gift on the ground of Gross Ingratitude Act, no. 5 of 2017 took effect on the 4th of April, 2017.

The Revocation of Irrevocable Deeds of Gift on the ground of Gross Ingratitude Act, no. 5 of 2017 took effect on the 4th of April, 2017. The new Act provides that an irrevocable deed of gift may be revoked on the ground of gross ingratitude, only on an Order made by a competent Court, in […]

READ MORE


On 19.06.2017., a draft new Inland Revenue Act was published in the Government Gazette.

On 19.06.2017., a draft new Inland Revenue Act was published in the Government Gazette. The new Act brings about significant changes in taxation in Sri Lanka including the introduction of capital gains tax and has extensive anti- avoidance provisions and transfer pricing provisions. It is expected that the Act will be presented to Parliament in […]

READ MORE