As enacted

Contents

Finance Act 2002 · As enacted · Part VI · Amendment to the Goods and Services Tax

Section 25

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Amendment of section 22 of the principal enactment client support services provided, on or after April |,

2001 over the internet or the telephone by an enterprise set up exclusively for the provision of such services to one or more identified clients outside

Sri Lanka, for which payment is received in foreign currency, through a bank ;”

Section 22 of the principal enactment as last amended by Act, No. 26 of 2000 is hereby amended as follows :—

(1)

(2)

in subsection (1) of that section by the substitution for the words “as may be specified in the Act” of the following:—

“as may be specified in this Act :

Provided however, the amount of tax, duc on the supply of any garments within such percentage as is permitted for sale locally by the Board of Investment of Sri Lanka under any agreement entered into by any manufacturer of garments for export under section 17 of the Board of Investment of Sri Lanka

Law, shall be twenty-five rupees for each such garment supplied within Sri Lanka ;

in the proviso to subsection (4) of that section by the repeal of paragraph (c) of that proviso and the substitution therefor of the following:—

“(c) there is in excess of input tax, in any taxable period, in the case of a registered person who has entered into an agreement with the Board of Investment of Sri Lanka and that taxable period, falls within the period referred to in

Finance Act, No. 11 af 2002

item (xxvii) of the Schedule or with the project implementation period as stipulated in any agreement referred to in item (xxvill) of the Schedule or up to the commencement of commercial activities whichever is earlier ; or” ;

(3)

by the insertion, immediately after subsection (6) of that section, of the following subsection :—

“(6A) Notwithstanding anything contained in subsection (3) and paragraph (1i) of subsection (5) and item (xxvi) of the

Schedule to this Act, credit for input tax shall be allowed in respect of a registered person who Is engaged in the business of distribution of power where such power is purchased by the supplier of power from the Ceylon Electricity Board established under the Ceylon Electricity

Board Act, No. !7 of 1969.”.

Report

Read on from s 26