36. Imposition of Debt Repayment Levy

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

(1)

There shall be charged and levied for every month commencing on October 1, 2018 but ending on

December 31, 2021, from every financial institiution, a levy of 7 per centum to be called the “Debt Repayment Levy”

(hereinafter in this Part referred to as “the levy”) on the value addition attributable to the supply of financial services by each such institution.

(2)

For the purposes of this section the value addition attributable to the supply of financial services sahll be calculated based on the provisions specified in section 25C of the Value Added Tax Act, No. 14 of 2002.

(3)

The amount of the operating profit or loss of the financial institution considered for calculating the value addition attribuable to the supply of financial services under this section, shall be the amount of the profit or loss of such financial institution prior to deducting the tax payble under this section, the value Added tax payble under section 25A of the Value Added Tax Act, No. 14 of 2002 and the Nation

Building Tax payable under paragraph (iii) of subsection (2) of the Nation Building Tax Act, No. 9 of 2009.

(4)

The levy for every month shall be remitted to the

Commissioner-General, along with a value addition statement in respect of such remittance 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 in the form specified by the Commissioner-General within a period of six months from the end of that financial year.

Read on from s 37

Part XI

Carbon Tax

Read on from Part XI

Part XII

Cellular Tower Levy

Read on from Part XII

Part XIII

Imposition of Levy on Mobile Short Message Services

Read on from Part XIII

Part XIV

General

Read on from Part XIV