Finance (Amendment) Act 2007 · As enacted · Part I · Amendment of the Finance Act…
2. Amendment of the Finance Act…
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
Part I of the Finance Act, No. 11 of 2006 (Motor Vehicle
Concessionary Levy) (hereinafter in this Part referred to as the “principal enactment”) is hereby amended in section 2
thereof, as follows :—
by the re-lettering of paragraph (b) of subsection (1)
of that section as paragraph (b) (i) thereof ;
by amending the re-lettered paragraph (b) (i) as follows :—
by the substitution for the words “from every individual who,” of the words “for the period commencing on March 31, 2006 and ending on the date of commencement of this Act, from every individual who,” ; and
by the substitution for the words “on the aggregate of such taxes and levies.”, of the words “on the aggregate of such taxes and levies, where such individual has commenced the importation process by the opening of a
Letter of Credit.”;
by the addition immediately after the re-lettered paragraph (b) (i) of the following paragraphs :—
“(ii)
from and after the date of commencement of this Act, from every individual who has not in terms of paragraph (i) above availed himself of the concession referred to therein, or every individual who has paid in respect of any period of five consecutive years of assessment, commencing on April 1, 2001, income tax in terms of the Inland Revenue Act, No. 38 of 2000 or the Inland Revenue Act, No. 10 of 2006, as the case may be, an amount not less than rupees two hundred and fifty thousand
(250,000/-) in respect of each such year of assessment and certified as such by the
Commissioner-General of Inland Revenue, imports a motor vehicle falling within a category of motor vehicles as may be determined by the Minister by Order published in the Gazette to be a permitted motor vehicle, shall be required to pay at the time of importation of such vehicle, the levy calculated on the applicable rate from and out of such rate or rates as may be determined by the Minister by Order published in the
Gazette, of the aggregate of any tax or fiscal levy which such individual is liable to pay in terms of the Customs Ordinance (Chapter 235), the Excise (Special Provisions) Act, No. 13 of 1989 and the Value Added Tax Act, No. 14 of 2002 ;
for the purpose of sub-paragraphs (i) and (ii)
of this paragraph, the expression “date of commencement of this Act” means the date on which Finance (Amendment) Act, No. 13
of 2007 comes into force.” ; and
by the addition at the end of this section, of the following new subsection :—
“(3) Any year of assessment which has once been taken in to account in the calculation of the period of five years, shall not be taken into consideration in the calculation of a period of five years thereafter.”.
Part II