16. Amendment of section 24 of the principal enactment

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

Section 24 of the principal enactment is hereby amended as follows :—

(1)

in subsection (1) of that section —

(a)

in sub-paragraph (iii) of paragraph (c) of that subsection by the substitution for the words

“in accordance with such paragraph,” of the following :—

“in accordance with such paragraph :

Provided that a deduction may be allowed in respect of any expenditure incurred, by such person in any year of assessment commencing on or after

April 1, 2002 if such expenditure incurred in travelling outside Sri Lanka is directly related to any trade, business, profession or vocation carried on, or exercised by such person. ; ” ;

(b)

in sub-paragraph (ii) of paragraph (d) of that subsection, by the substitution for the words

“accordance with the provision of such paragraph;”, of the following :—

“accordance with the provisions of such paragraph :

Provided that a deduction may be allowed in respect of any such expenditure incurred by such person in any year of assessment commencing on or after April 1, 2002, if such expenditure incurred in travelling outside Sri Lanka is directly related to the carrying on of such business;”;

Inland Revenue (Amendment)

(c)

in paragraph (e) of that subsection by the substitution for the words “exercised by him;” of the following :—

“exercised by him :

Provided that a deduction may be allowed in respect of such entertainment expenses incurred by such person or on his behalf, in any year of assessment commencing on or after April 1, 2002, if the expenses so incurred are directly related to any trade, business, profession or vocation carried on, or exercised by such person;”;

(d)

in paragraph (f) of that subsection, by the substitution, for the words “his executive officer”, of the words “his executive officer, in any year of assessment commencing prior to April 1, 2002”;

and

(2)

by the addition, immediately after subsection (3)

thereof of the following subsection :—

“(4) In computing the statutory income of any person from any trade, business, profession or vocation carried on or exercised by such person, no deduction shall be allowed under section 23 or section 24 in respect of any expenditure unless the amount of such expenditure is paid within three years from the end of the year of assessment in which such expenditure is incurred.”.

Read on from s 17