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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

27. Quantifying a payment or amount

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

(1)

A payment or amount to be included or deducted in calculating income of a person shall be quantified in the amount, as specified by the Commissioner-General or, in any other case, according to market value.

(2)

The amount of a payment shall be quantified without reduction for any tax withheld from the payment under

Division II of Chapter VIII of this Act.

(3)

Market value shall be determined –

(a)

with due regard for the arm’s length standard referred to in section 33; but

(b)

in the case of an asset, without regard to any restriction on transfer of the asset or the fact that the asset is not otherwise convertible into a payment of money or money’s worth.

Read on from s 28

Part II

Read on from Part II

Schedules