3. Amendment of section 8 of the principal enactment

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

Section 8 of the principal enactment is hereby amended in subsection (1) of that section, as follows :-

(1)

in paragraph (n) of that subsection, by the substitution for the words, “public corporation or at any subsequent time,”, of the words and figures

“public corporation other than any public corporation referred to in sub-paragraph (ii) of paragraph (b), or at any subsequent time,”;

(2)

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

Commissioner of Labour”, of the words “the

Commissioner of Labour;”; and

(3)

by the addition immediately after paragraph (o) of that subsection, of the following new paragraphs :-

“(p)

the value of any benefit accruing to an employee of any employer from the allotment or the grant, as the case may be, to such employee or to any nominee of such employee by or on behalf of such employer, of any share or any option to buy any share in any company, in accordance with a scheme which in the opinion of the Commissioner-General is uniformly applicable to all the employees of such employer.

In this paragraph, the “value” in relation to any benefit accruing from the allotment of any share or the option to buy any share, means the excess, if any, of the market value of such share at the time of its allotment or at the time of the sale of the option, as the case may be, over the price charged for such allotment or grant, as the case may be ; and

(q)

the emoluments earned in any year of assessment commencing on or after April 1,

2007, by any resident individual from employment on a ship which is—

(i)

owned or chartered by a company registered as an off-shore company under Part XI of the Companies Act,

No. 7 of 2007 ; or

(ii)

deemed to be a Sri Lanka ship by virtue of a determination made under paragraph (c) of section 30 of the Merchant

Shipping Act, No. 52 of 1971.”.

Read on from s 4