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As enacted
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Part IV · Imposition of a Levy on Foreign Commercial Transactions

7. Imposition of a Levy on foreign commercial transactions

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

(1)

From and after the appointed date, there shall be charged, a levy to be called the “Levy on Foreign

Commercial Transactions” (hereinafter in this Part referred to as the “Levy”) from every person who has completed a transaction through a payment card with a person outside

Sri Lanka, to purchase any goods or services from such person outside Sri Lanka.

(2)

The rate of the Levy shall be 3.5 per centum on the sum remitted outside Sri Lanka for any transaction under subsection (1).

(3)

The levy shall be collected at the time of the remittance of the sum outside Sri Lanka for a transaction referred to in subsection (1), by every financial institution which transfers any such sum.

(4)

The aggregate of the sums so collected under subsection (3), by any financial institution within any month shall be remitted to the Commissioner-General on or before the twentieth day of the month succeeding the relevant month.

(5)

A financial institution shall in respect of each financial year of such financial institution, furnish a return to the

Commissioner-General within a period of six months from the end of that financial year, in such form, manner and containing such information together with such attachments, as may be specified by the Commissioner-General.

(6)

The provisions which may be necessary for the implemention of the provisions of this Part and collection of the levy shall be prescribed by regulations made under this Act.

Read on from s 8

Part V

General

Read on from Part V