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As enacted
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Contents

Part I

14. Repairs and improvements

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

(1)

Expenses for the repair or improvement of depreciable assets and meeting the requirements of subsection (1) of section 11 of a person for any year of assessment shall be deducted irrespective of whether they are of a capital nature or not.

(2)

The deductions referred to in subsection (1) granted for a year of assessment with respect to a depreciable asset of a person –

(a)

shall not exceed –

(i)

in the case of repair or improvement to a Class 4 depreciable asset, five percent of the written down value of the asset at the end of the previous year (paragraph 4(3) of the Fourth

Schedule);

(ii)

in all other cases, twenty percent of the written down value of the asset at the end of the previous year (paragraph 4(3) of the Fourth

Schedule); and

(b)

shall be allowed in the order in which the expenses are incurred.

(3)

Excess expense for which a deduction shall not be allowed as a result of the limitation in subsection (2) shall be added to the depreciation basis of the asset year (paragraph (3) of the Fourth Schedule).

Read on from s 15

Part II

Read on from Part II

Schedules