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As enacted
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Contents

Part I

16. Capital allowances and balancing allowances

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 –

(a)

the Capital allowances referred to in subsection (2)

shall be deducted; and

(b)

the balancing allowances referred to in subsection (4) shall be deducted;

(2)

Capital allowances are –

(a)

granted in respect of depreciable assets owned and used by a person at the end of a year of assessment in the production of the person’s income from a business; and

(b)

calculated in accordance with the provisions of the Second or Fourth Schedule to this Act.

(3)

Capital allowances granted with respect to a particular year of assessment shall be taken in that year and shall not be deferred to a later year of assessment.

(4)

Balancing allowances are –

(a)

made in respect of depreciable assets -

(i)

realised during a year of assessment; and

(ii)

in respect of which Capital allowances have been granted in that year or an earlier year; and

(b)

calculated in accordance with the provisions of the Second or Fourth Schedule to this Act.

Read on from s 17

Part II

Read on from Part II

Schedules