2. Amendment of section 2 of Act…

Official English translation. The Sinhala text prevails.

Section 2 of the Economic Service Charge Act,

No. 13 of 2006 (hereinafter referred to as the “principal enactment”) is hereby amended as follows:—

(1)

in subsection (1) of that section—

(a)

in paragraph (a) of that subsection by the substitution for the words “for that relevant quarter; and”, of the words “for that relevant quarter;”;

(b)

in paragraph (b) of that subsection—

(i)

by the substitution, in sub-paragraph (ii)

thereof, for the words “gold or other precious metal; or”, of the words “gold or other precious metal;”; and

(ii)

by the repeal of sub-paragraph (iii)

thereof, and the substitution therefor of the following:—

“(iii) on or after April 1, 2017, but prior to the date of commencement of this Act in respect of every consignment of imports of motor vehicles; or”;

(c)

by the addition, immediately after sub-paragraph (iii) thereof, of the following new sub-paragraph:—

“(iv)

on or after the date of commencement of this Act in respect of every consignment of imports of motor vehicles, which are not liable for excise duty imposed under the Excise (Special

Provisions) Act, No. 13 of 1989; and”;

and

(d)

by the addition, immediately after paragraph (b) thereof, of the following new paragraph:—

“(c) on or after the date of commencement of this Act, on the amount of excise duty imposed under the Excise (Special

Provisions) Act, No. 13 of 1989 in respect of every consignment of imports of motor vehicles, which are liable for excise duty;”.

(2)

the proviso to paragraph (b) of subsection (3) of that section is hereby amended as follows:—

(a)

in paragraph (a) by the substitution for the words “turnover of such bank; and”, of the words “turnover of such bank;”;

(b)

in paragraph (b) by the substitution for the words “turnover of such person.”, of the words

“turnover of such person; and”; and

(c)

immediately after paragraph (b) by the insertion of the following new paragraph:—

“(c) in the case of Central Bank of Sri Lanka, unrealized gain from price revaluation and foreign exchange revalution, shall be deemed not to form part of the turnover of Central Bank of Sri Lanka.”.

Read on from s 3