3. Amendment of section 3 of the principal enactment

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Section 3 of the principal enactment is hereby amended in subsection (3) of that section, by the substitution for the words “tax payable by such person or partner of such partnership for that year of assessment” of the words—

“tax payable by such person or partner of such partnership for that year of assessment :

Provided that, where there remains as at March 31, 2006, any amount of the economic service charge paid in accordance with the provisions of Part I of the Finance Act, No. 11 of 2004 after its deduction in

Economic Service Charge (Amendment)

accordance with the provisions of that Act from the relevant income tax payable for any relevant year of assessment commencing before April 1, 2006–

(a)

if such amount includes any part of the economic service charge paid for the year of assessment ended on March 31, 2005 such part may be apportioned to each year of assessment falling within the three years of assessment immediately succeeding the year of assessment which ended on March 31, 2006 ; or

(b)

if such amount includes any part of the economic service charge paid for the year of assessment ended on March 31, 2006, such part may be apportioned to each year of assessment falling within the four years of assessment immediately succeeding the year of assessment which ended on March 31, 2006, and the parts of the economic service charge so apportioned, shall be deducted to the extent it can be so deducted from the income tax payable by such person or such partnership for each such year of assessment.”.

Read on from s 4