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srilawsby aturio
As enacted
EnglishSinhala සිංහල, official PDF on documents.gov.lkTamil தமிழ், official PDF on documents.gov.lk
Contents

Part I

13. Allowance for trading stock

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

For the purposes of calculating a person’s income from a business for a year of assessment, in respect of trading stock of the business, the allowance calculated under subsection (2) shall be deducted.

(2)

The allowance shall be calculated as –

(a)

the opening value of trading stock of the business for the year of assessment; plus

(b)

expenses incurred by the person during the year that are included in the cost of trading stock of the business; less

(c)

the closing value of trading stock of the business for the year.

(3)

The opening value of trading stock of a business for a year of assessment shall be the closing value of trading stock of the business at the end of the previous year of assessment.

(4)

The closing value of trading stock of a business for a year of assessment shall be the lower of –

(a)

the cost of the trading stock of the business at the end of the year; or

(b)

the market value of the trading stock of the business at the end of the year.

(5)

Where the closing value of trading stock is determined in accordance with paragraph (b) of subsection (4), the cost of the trading stock shall reset to that value.

Read on from s 14

Part II

Read on from Part II

Schedules