As enacted

Contents

7. Interpre-tation

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

In this Act, unless the context otherwise requires—

“commercial bank” means a licensed commercial bank within the meaning of the Banking Act, No. 30 of 1988

;

a“

“ Commissioner-General ”,

“ forei currency ”, net

, y wealth”, “profits and income”, “year of assess-ment” shall have the respetive meanings assigned to them by the Inland Revenue Act, No. 28 of 1979;

“Controller of Exchange” means the Controller of

Exchange appointed under the Monetary Law

Act;

“designated foreign currency” means any of the follow-ing foreign currencies, that is to say, the United

States Dollar, Sterling Pound, Deutsche Mark,

Swiss Franc, Japanese Yen, Australian Dollar,

Singapore Dollar, French Franc, Canadian Dollar,

Danish {Sroner, Netherland Guilder,

Swedish

Kroner and Hongkong Dollar and includes any other foreign currency approved in writing by the

Controller of Exchange

;

“Exchange Control Act” means the Exchange Control

Act (Chapter 423) ;

“foreign currency account” means an account in the

Domestic Panking Unit ef amy commercial bank in

Sri Lanka opened in accordance with the rules made by the Central Bank of Sri Lanka but does not include an account opened in the foreign currency banking unit of a commercial bank ;

“person” includes a company, a body of persons or a partnership ;

“relevant foreign currency” in relation to a person means foreign currency held on November 12, 1991

by such person outside Sri Lanka or foreign currency into which any movable or immovable property held by such person on November 12, 1991

outside Sri Lanka, has been converted and—

(A)

being, or being attributable to, profits and income—

(i)

were derived by such person, or arose or accrued to him, during any period endivg before November 12, 1991; and

(it)

in respect of which no return has been furnished by him or has not been disclosed in any return furnished - by him or has not been assessed to income tax, under the law for the time being applicable to the imposition of income tax; and

(iii)

were chargeable with income tax under the law for the time being applicable to the imposition of income tax, but not including—

Foreign Exchange (Amnesty) Act, No. 32 of 1998 7

(a)

any amount receivable in foreign currency for any exports made by him from Sri Lanka, under any permit issued by the Controller of Exchange

;

(6)

any amount receivable in foreign currency for services rendered by him in or outside Sri Lanka and declared in a return furnished by him under the provisions of the Inland Revenue Act,

No. 28 of 1979 or the Exchange Control

Act;

(c)

any amount due in foreign currency on any decree or writ of any court of law outside Sri Lanka for the recovery of any debt or the enforcement of any civil liability ; or

(B)

not being profits and income or attributable to rofits and income, is attributable to property acquired by him outside Sri Lanka, by way of gift, donation, inheritance or otherwise, and in respect of which, no return has been furnished by him or has not been disclosed in any return furnished by him, under the

Exchange Control Act

;

“the law for the time being applicable to the imposition of income tax” means the Inland Revenue Act,

No. 28 of 1979;

“the law fox the time being applicable to the imposition of surcharge on income tax ” means the Surcharge on Income Tay Act, No. 26 of 1882, the Surcharge cn Income Yas Act, No, 12 of 1984 and the

Surcharge ou Income Tax Act, No. 7 of 1989;

“the law for the time being applicable to the imposition of wealth tax or surcharge on wealth tax” means the Inland Revenue Act, No. 28 of 1979 ° the

Surcharge on Wealth Tax Act, No. 25 of 1982 and the Surcharge on Wealth Tax Act, No. 3 of 1929 ;

“turnover” and “quarter” shell have the respective meanines assisned to tham by the Turnover me.

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Act. No. 89 of 1881,

Annual subscription of Encstish j2 ils ond Acis ci the nt Rs. 6835 (Local),

Rs. 1,180 (FPorcizgn;, payable co tha SuPpemNr<invENT GoveaNMENT PULLICATIONS

Bureau, No. 255 BauppHaroka Mawarua, Cotomso 7, befor: 15th December each year in respect of the year following

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