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As enacted
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Part I · Imposing the Tax on Voluntary Disclosure

3. Undisclosed taxable supplies, income or assets to be invested or deposited

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

(1)

A person to whom this Part applies, shall invest or deposit an amount equivalent to the undisclosed taxable supply, income or asset, subject to the provisions of subsections (2) and (3).

(2)

If a person to whom this Part applies, intends to invest an amount equivalent to the undisclosed taxable supply, income or asset, he shall –

(a)

where he is able to immediately invest such amount, purchase-

(i)

shares issued by a resident company;

(ii)

treasury bills or treasury bonds issued by the

Central Bank on behalf of the Government of

Sri Lanka;

(iii)

any quoted debt securities issued by a resident company in Sri Lanka; or

(iv)

any movable or immovable property in Sri

Lanka, on or after the date of commencement of this Act but prior to March 31, 2022; or

(b)

where he is unable to immediately invest such amount available in cash whether in Sri Lankan rupees or in foreign currency, he shall deposit such amount in a bank account, on or after the date of commencement of this Act but prior to March 31, 2022.

(3)

Notwithstanding the provisions of subsection (1), the provisions of subsection (2) shall not apply to a person to whom this Part applies who, prior to the date of commencement of this Act –

(a)

has utilized an amount equivalent to the undisclosed taxable supply, income or asset, to purchase-

(i)

shares issued by a resident company;

(ii)

treasury bills or treasury bonds issued by the

Central Bank on behalf of the Government of

Sri Lanka;

(iii)

any quoted debt securities issued by a resident company in Sri Lanka; or

(iv)

any movable or immovable property; or

(b)

has deposited an amount equivalent to the undisclosed taxable supply, income or asset in a bank account.

Read on from s 4

Part II

Provisions to Write Off Tax Arrears Under Certain Laws

Read on from Part II

Schedules