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As enacted
Contents

Act of Parliament

Finance (Amendment) Act 2008

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

s 1Short title

This Act may be cited as the Finance (Amendment)

Act, No. 8 of 2008.

s 2Amendment of Section 2 of Act,No. 5 of 2005

The Finance Act, No. 5 of 2005 (hereinafter referred to as the “principal enactment”) is hereby amended in section 2 of Part I of that Act (Imposition of Social Responsibility

Levy) as follows :—

(1)

by the repeal of paragraph (b) of that section, and the substitution therefor of the following new paragraphs :—

“(b)

for the period commencing on January 1,

2006 and ending on December 31, 2007 at the rate of 1 per centum ; and

(c)

for the period commencing on January 1,

2008 at the rate of 1.5 per centum.”; and

(2)

by the repeal of second proviso to that section and the substitution therefor of the following :—

“ Provided futher that the Social Responsibility Levy chargeable—

(a)

under the provisions of the Inland Revenue

Act, No. 38 of 2000, in terms of the provisions of this Part of this Act on income tax, shall, in respect of the period commencing on January 1, 2006 and ending on March 31, 2006 be calculated at the rate of 0.25 per centum ; and

(b)

under the provisions of the Inland Revenue

Act, No. 10 of 2006 in terms of the provisions of this Part of this Act on income tax shall—

(i)

in respect of the period commencing on

April 1, 2006 and ending on March 31,

2008 be calculated at the rate of 1.0 per centum ;

(ii)

in respect of the period commencing on

April 1, 2008 be calculated at the rate of 1.5 per centum ;.”.

s 3Insertion of new section 6A in the principal enactment

The following new section is inserted immediately after section 6 of the principal enactment shall have effect as section 6A of that enactment:—

6A. For the purposes of this Part—

“ company ” shall have the same meaning in as in the Inland Revenue Act, No. 10 of 2006.”.

s 4Amendment of Schedule I of the principal enactment

Schedule 1of the principal enactment is hereby amended by the substitution for item 5 thereof the following new items:—

“5.

The Inland Revenue Act, No. 10 of 2006, other than the provisions of Chapters XVI, XVII and

XXI and sections 36 and 65 in so far as such Act applies to the period commencing April 1, 2006

and ending on March 31, 2008.”.

6. The Inland Revenue Act, No. 10 of 2006 (other than the provision of Chapters XVI, XVII and

XXI and sections 36 to 65, in so far as such Act applies to any company and to any period commencing on or after April 1, 2008.”.

“Interpretation for this Part.

s 5Retrospective effect

The amendment made to—

(a)

subsection (1) of section 2 of the principal enactment, by subsection (1) of section 2 of this Act shall for all purposes to be deemed to have come into operation on January 1, 2008 ;

(b)

subsection (2) of section 2 of the principal enactment, by subsection (2) of section 2 of this Act and the amendment to the First Schedule made by section 4

of this Act shall come into operation on April 1,

2008.

s 6Sinhala text to prevail in case of inconsistency

In the event of any inconsistency between the Sinhala and Tamil texts of this Act the Sinhala text shall prevail.