Regulations pertaining to Port City Economic Commission Act gazetted

A Gazette Extraordinary has been published specifying the regulations pertaining to the Colombo Port City Economic Commission.

The regulations, issued by President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilization & National Policies, are made under Section 71(1) read with Section 27(1), 41(3)(f), 41)9) of the Colombo Port City Economic Commission Act, No. 11 of 2021.

The second reading of the Colombo Port City Economic Commission Bill was passed in the parliament with majority votes in May 2021. Subsequently, Speaker of the Parliament Mahinda Yapa Abeywardena placed his signature on the Bill.

Later, then-President Gotabaya Rajapaksa established seven-member Colombo Port City Economic Commission, headed by President’s Counsel Gamini Marapana.

The gazette notification mentions the regulations of registration and licencing of Authorized Person (Fees) and other services related to the commission.

According to the communiqué, the application fee for an Authorized Person stands at USD 2,500 while the annual fee is USD 2,000.