19. Interpretation

In this Act unless the context otherwise requires-

“asset” means money or any immovable or movable property, including bank balances, financial instruments, shares, derivatives, treasury bills, fixed deposits, time deposits, bonds or other forms of deposits, money given by way of security or loans, cash, gem or gold in hand, any other monetary right but excluding any intangible asset unless such intangible asset has been purchased by the taxpayer from any other person;

“bank account” means any bank account opened and maintained by a declarant in a bank licensed under the Banking Act, No. 30 of 1988;

“Commissioner-General” shall have the same meaning as in the Inland Revenue Act, No. 24 of 2017;

“Central Bank” means the Central Bank of Sri Lanka established under the Monetary Law Act (Chapter 422);

“Final withholding payments” shall have the same meaning assigned to such payment as provided in section 88 of the Inland Revenue Act, No. 24 of 2017;

“immovable property” includes any building in

Sri Lanka or abroad whether constructed or under construction;

“income” means any gain, profit or receipt derived from any source whether in Sri Lanka or abroad;

“loss” shall have the same meaning assigned to such expression under section 19 of the Inland Revenue

Act, No. 24 of 2017;

“money” includes local currency and foreign currency whether retained in Sri Lanka or abroad;

“movable property” includes all forms of movable property in Sri Lanka or abroad including gold but does not include money;

“person” shall have the same meaning assigned to such expression under the Inland Revenue Act, No. 24

of 2017;

“return” means a return of income or Value Added Tax return that a person is required to file with the

Department of Inland Revenue in terms of the respective law specified in Schedule I, including any certificate, declaration or any other attachment required to be furnished with the return;

“resident company” means a company within the meaning of subsection (4) of section 69 of the Inland

Revenue Act, No. 24 of 2017;

“tax” in Part II shall include any tax, surcharge, levy, duty, charge or contribution payable or levied under the respective law specified in Schedule I, III or IV;

“taxable supply” shall have the same meaning assigned to such expression under section 83 of the Value

Added Tax Act, No.14 of 2002;

“tax arrears” means a tax that remain unpaid after the payment due date in compliance with the respective law and includes a tax in default or other penalty imposed under any such law and withholding tax or tax deducted on employment income by an employer, that remain unpaid in accordance with the records of the Commissioner-General;

“Tax Appeals Commission” means Tax Appeals

Commission established under the Tax Appeals

Commission Act, No. 23 of 2011;

“unrelieved loss” shall have the same meaning assigned to such expression under section 19 of the Inland

Revenue Act, No. 24 of 2017;

“year of assessment” shall have the same meaning assigned to such expression under section 20 of the

Inland Revenue Act, No. 24 of 2017.