Investment Promotion (Amendment) Act 2023 (No. 2 of 2023).

This Act makes amendments in the principal Act by amending Section 6 on the functions of the Investment Promotion Authority; amending Section 16 on the disclosure of interest by member of the Board; amending Section 25A regarding the declaration of an enterprise to be a foreign enterprise; amending Section 27 on reserved activities; inserting new Sections 27 A, 27B, 27C and 27D regarding reserved and restricted activities; amending Section 28 on the application for certification; inserting new Section 28A on the application for advisory services; inserting new Sections 29A, 29B,29C and 29D regarding the duration of certificate, requirement to file annual status report, and suspension of certificate for failure of this requirement; repealing Sections 30 and 31; amending Section 32 on the change of ownership of an enterprise; amending Section 34 on the Register of foreign investment opportunities; amending Section 35 on the facilitation of new investment; amending Section 36 on the cancellation and suspension of certification; amending Section 40 on the appeal from a decision of the Board of the Authority; repealing Part IV A; inserting new Part VIA on the Registrar of foreign investment; amending Section 41 on offences; inserting new Section 41C regarding fraudulent activities in business; repealing Section 42; inserting new Section 44.AA on the regulations prescribing reserved and restricted activities; and amending Schedule I of the principal Act.