Finance Act 2013 · As enacted · Part III · Amendment of Part IV of the Finance Act…
12. Insertion of sections 19A and 19B in the principal enactment
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
The following sections are hereby inserted immediately after section 19 of the principal enactment and shall have effect as section 19A and 19B thereof:-
19A. (1) The Minister may make regulations in respect of all matters which are required to be prescribed or for which regulations are authorized to be made under this Act.
Without prejudice to the generality of subsection (1), the Minister may, by regulations –
declare Free Ports and Bonded Areas for the purposes of this Part of this
Act;
specify the investment limits and other criteria required for the enterprises referred to under this Part of this Act;
specify the conditions and exemptions in relation to local sales;
specify the procedure to be followed in granting exemptions under this
Part of this Act; and
specify monitoring authority and the mechanism for monitoring.
Every regulation made by the Minister under subsection (1) shall be published in the
Gazette and shall come into operation on the date of such publication or on such later date as may be specified therein.
Every regulation made by the Minister shall as soon as convenient after its publication in the Gazette be brought before Parliament for approval. Every regulation which is not so approved shall be deemed to be rescinded from the date of disapproval but without prejudice to anything previously done thereunder.
“Regulations.
Notification of the date on which any regulation is deemed to be rescinded shall be published in the Gazette.
19B.
Interpretation
In this Part of this Act, unless the context otherwise requires-
“Board of Investment of Sri Lanka” means the
Board of Investment of Sri Lanka established under the Board of Investment of Sri Lanka Law, No. 4 of 1978;
“Bonded Area” means an area supervised by the Board of Investment of Sri Lanka or the Director-General of Customs or any other Authority and declared by regulations under this Act;
“Controller of Exchange” means the Head of the Department of Exchange Control established under the Exchange Control
Act (Chapter 423) ;
“Controller of Imports and Exports” means the Controller of Imports and Exports appointed under section 2 of the
Imports and Exports (Control) Act
(Chapter 236) ;
“Customs Ordinance” means the Customs
Ordinance (Chapter 235) ;
“Director-General of Customs” means the
Director-General of Customs appointed under section 2 of the Customs
Ordinance;
“entrepot trade” includes any manufacturing activity approved under this Part and carried out by a new enterprise for re-export with a domestic value addition at a minimum rate of ten per centum, within a Free Port declared by regulations under this Part of this Act;
“Free Port” means an area within a sea port or an inland dry port operated under the supervision of the Sri Lanka Ports
Authority and declared by regulations under this Act;
“logistic service” includes inter alia-
transshipment activities;
warehousing for temporary storage of input or finish goods for local exporters; and
freight forwarding for clients abroad;
“ Sri Lanka Ports Authority” means the
Sri Lanka Ports Authority established under the Sri Lanka Ports Authority
Act, No. 51 of 1979;
“ Sri Lankan territory” means the territory of the Republic of Sri Lanka and does not include any Free Port or a Bonded Area declared under this Part of this Act.”.
Part IV