201. Temporary Concessions

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

(1)

The provisions of the Sixth Schedule to this Act provide for concessions of a temporary nature, and apply to modify the application of this Act for the periods set out therein.

(2)

Unless expressly stated to the contrary, the provisions of the Sixth Schedule –

(a)

shall be applied strictly and only in accordance with their clear wording; and

(b)

expire five years after they become operative.

(3)

For the purposes of this Act, where a provision of the

Sixth Schedule applies to grant a concession to a person with respect to a particular type of business –

(a)

the business shall be construed narrowly and only the person’s activities devoted wholly and exclusively to that business shall be treated as part of the business; and

(b)

the person’s income or loss from the business for a year of assessment shall be calculated separately from any other activity of the person.

Read on from s 202

201. Temporary Concessions

Schedules