Economic Service Charge (Amendment) Act 2015

This Act may be cited as the Economic Service

The provisions of this Act other than sections 3, 4, 5

Section 3 of the Economic Service Charge Act, No. 13

of 2006 (hereinafter referred to as the “principal enactment”)

as last amended by Act, No.9 of 2014 is hereby further amended by the insertion, immediately after subsection (3A)

of that section, of the following new subsection-

“(3B) Where any commercial bank or specialized bank licensed under the Banking Act, No. 30 of 1988, finance company licensed under the Finance Business

Act, No. 42 of 2011 or leasing company registered under the Finance Leasing Act, No. 56 of 2000, acquires or merges with the business of any other bank, finance company or leasing company under the Financial

Sector Consolidation Process of the Central Bank of

Sri Lanka and there remains any balance of service charge paid by such banks, finance companies or leasing companies after the deduction from the income tax payable in that year of acquisition or merger and which is entitled to be carried forward and deducted from income tax payable by such banks, finance companies or leasing companies, then such balance

Act, No. 13 of 2015

shall be deductible from the income tax payable by such bank, finance company or leasing company that acquired the business or with which the other bank, finance company or leasing company merged, as if the same bank, finance company or leasing company were continuing to carry on the business.”.

Section 5 of the principal enactment is hereby amended, by the substitution for the words “by communication in writing addressed to the Commissioner

General”, of the words “by communication in writing addressed to the Commissioner General or by electronic communication to the Commissioner General”.

Section 7 of the principal enactment as last amended by Act, No. 11 of 2011 is hereby amended in subsection (1)

of that section, by the substitution for the words “furnish to an Assessor”, of the words “furnish in writing or by electronic means to an Assessor”.

Section 9 of the principal enactment as last amended by Act, No. 9 of 2014 is hereby amended in subsection (1) of that section, by the substitution for the words “by notice in writing require”, of the words “by notice in writing require or by notice in electronic communication require”.

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

10B. The Minister may, on the recommendation of the Commissioner General of Inland Revenue, make regulation for the purposes of authorizing or facilitating the use of electronic communications or electronic records for matters specified in section 8 of the

Electronic Transactions Act, No. 19 of 2006.”.

“The use of electronic communications or electronic records.

Act, No. 13 of 2015

Section 13 of the principal enactment as last amended by Act, No. 6 of 2013 is hereby further amended in the definition of the expression “person” as follows:-

in paragraph (f) by the substitution for the words

in paragraph (g) by the substitution for the words

by the addition immediately after paragraph (g), of the following new paragraph:-”

In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.

Act, No. 13 of 2015