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As enacted
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Part V · Amendment of Part II of the Finance Act…

12. Amendment of the First Schedule to the principal enactment

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

First Schedule to the principal enactment is hereby amended-

(1)

by the insertion immediately after the heading

“Rates of levy on luxury Motor vehicles” of the following:-

“ PART-I

For any year commencing on or after April 1, 1995, but prior to January 1, 2011:-”;

(2)

by the addition at the end of the First Schedule of the following Part:-”

semi-luxury dual purpose vehicle levy.

“ PART-II

For any year commencing on or after January 1, 2011:-

Year

Rate

Rs.

1

For the year in which such luxury motor vehicle is registered (being a year commencing on or after January 1, 2011)

2

For the first year succeeding the year in which such luxury motor vehicle is registered (whether the year of registration is any year commencing on or after January 1, 2011)

3

For the second year succeeding the year in which such luxury motor vehicle is registered (whether the year of registration is any year commencing on or after January 1, 2011)

4

For the third year succeeding the year in which such luxury motor vehicle is registered (whether the year of registration is any year commencing on or after January 1, 2011)

5

For the fourth year succeeding the year in which such luxury motor vehicle is registered (whether the year of registration is any year commencing on or after January 1, 2011)

6

For the fifth year succeeding the year in which such luxury motor vehicle is registered (whether the year of registration is any year commencing on or after January 1, 2011)

7

For the sixth year succeeding the year in which such luxury motor vehicle is registered (whether the year of registration is any year commencing on or after January 1, 2011)

8

For the seventh year succeeding the year in which such luxury motor vehicle is registered

(whether the year of registration is any year commencing on or after January 1, 2011)

100,000 78,750 68,000 57,750 48,000 38,750 30,000

Nil

EXAMPLE

(a)

A luxury motor vehicle is registered on August 1,

2007, the levy applicable on such luxury motor vehicle for the year commencing on January 1, 2011

(which is the fourth year succeeding the year of registration) is Rs. 30,000.

(b)

A luxury motor vehicle is registered on August 1,

2011, the levy applicable on such luxury motor vehicle for the year commencing on January 1, 2011

is Rs. 100,000.

(c)

A luxury motor vehicle is registered on August 1,

2012, the levy applicable on such luxury motor vehicle for the year commencing on January 1, 2013

(which is the first year succeeding the year of registration) is Rs. 78,750.”.

Read on from s 13