Economic Transformation Act 2024 · As enacted · Part II
59. Interpretation
Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk
Official translationFrom Department of Government Printing, unchanged
In this Part, unless the context otherwise requires-
“foreign investment” means an investment made by a foreign investor as an investor in terms of this
Part;
“foreign investor” means a natural person or an enterprise recognized as a legal entity by the applicable laws of a foreign country, that has made an investment in Sri Lanka in terms of this Part;
“investor” means a natural person or an enterprise recognized as a legal entity by the applicable laws, that has made an investment in Sri Lanka in terms of this Part;
“investment” means every kind of asset that an investor owns or controls, directly or indirectly, that has the characteristics of an investment, which includes the commitment of capital or other resources for a certain duration, the expectation of gain or profit, or the assumption of risk including-
an enterprise;
shares, stock, and other forms of equity participation in an enterprise other than an investment made on a securities or stock exchange;
bonds, debentures, loans and other debt instruments of an enterprise;
turnkey, construction, management, production, concession, revenue-sharing and other similar contracts;
claims to money or to other assets or to any contractual performance having an economic value associated with an investment;
intellectual property rights in accordance with the relevant domestic laws;
licences, authorizations, permits and similar rights conferred pursuant to applicable domestic law; or
other tangible or intangible, movable or immovable property, and related property rights, such as leases, mortgages, liens and pledges, but does not include-
an asset which lacks the characteristics of an investment, regardless of the form it may take;
a donation; and
an order or judgment entered in a judicial or administrative action.
“Investment Zones” shall mean export processing zones, industrial parks, special economic zones and other similar areas for the establishment of investments, whether declared under this Part or any other law referred to in this enactment and shall include licensed zones as referred to in the repealed Law;
“registered enterprise” means an enterprise approved or registered as the case may be under paragraph (h) of section 13;
“return” means an amount yielded by or derived from an investment, including profits, dividends, interest, capital gains, royalty payments, payments in connection with intellectual property rights, and all other lawful income;
“Specified Institution” means any of the entities named by regulations made under section 46.
For the purpose of this Part-
“loans and other debt instruments” and “claims to money or to any contractual performance”
refer to assets which relate to a business activity associated with an investment and do not refer to assets which are of a personal nature, unrelated to any business activity associated with an investment;
“claims to money” do not include-
claims to money that arise solely from commercial contracts for the sale of goods or services;
the domestic financing of such contracts; or
any order, judgment or arbitral award related to sub paragraph (i) or (ii).
SCHEDULE
(sections 45 and 55)
1. Customs Ordinance (Chapter 235)
2. Companies Act, No. 07 of 2007
3. Inland Revenue Act, No. 24 of 2017
4. Finance Act, No. 18 of 2021
5. Foreign Exchange Act, No. 12 of 2017
6. National Film Corporation of Sri Lanka Act, No. 47 of 1971
7. Merchant Shipping Act, No. 52 of 1971
8. Civil Aviation Act, No. 14 of 2010
9. Ceylon Electricity Board Act, No. 17 of 1969
10. National Water Supply and Drainage Board Law, No. 2 of 1974
11. Sri Lanka Ports Authority Act, No. 51 of 1979
12. Ceylon Petroleum Corporation Act, No. 28 of 1961