2. Amendment of section 3 of Act…

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.”.