4. Insertion of new section 10A in the principal enactment

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

The following new section is hereby inserted immediately after section 10 of the principal enactment and shall have effect as section 10A of that enactment :—

10A. (1) The turnover from the business of any Islamic Financial Transaction shall be chargeable to tax in terms of the provisions of this Act.

(2)

The Commissioner-General of Inland

Revenue shall in order to determine the extent of liability to tax of any particular Islamic

Financial Transaction, issue from time to time, such rules and guidelines as may be required for the purpose of—

(a)

identifying the circumstances which would amount to an Islamic Financial

Transaction ; and

(b)

ascertaining the profit and income arising out of any Islamic Financial

Transaction.”.

“Turnover from Islamic

Financial

Transactions to be chargeable to tax.

Act, No. 11 of 2011

Read on from s 5