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As enacted
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15. Amendment of section 42 of the principal enactment

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Section 42 of the principal enactment is hereby amended as follows:—

(1)

by the renumbering of that section as subsection (1)

of that section;

(2)

in the renumbered subsection (1), by the substitution for the words “The profits and income arising in Sri

Lanka”, of the words and figures “The profits and income, for the year of assessment commencing on

April 1, 2006, arising in Sri Lanka”; and

(3)

by the addition at the end of the renumbered subsection (1), of the following new subsection:—

“(2) The profits and income for any year of assessment commencing on or after April 1, 2007, arising in Sri Lanka to any consignor or consignee from the export of any goods brought to Sri Lanka on a consignment basis and re-exported without subjecting such goods to any process of manufacture, shall be liable to income tax at the appropriate rate specified in the Fifth Schedule to this Act.”.

Read on from s 16