As enacted

Contents

44. Amendment of section 218 of the principal enactment

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

Section 218 of the principal enactment is hereby amended as follows :—

(1)

in subsection (2) of that section:—

(a)

by the substitution for the words and figures

“under any provisions of the Inland Revenue

Act, No. 38 of 2000 for a period specified in those provisions and there remains on March 31, 2000, in relation to any person,” of the words and figures “under any provisions of the Inland Revenue Act, No. 28 of 1979 or of the Inland Revenue Act, No. 38 of 2000, as the case may be, for a period as specified in any of those provisions and there remains on

March 31, 2006, in relation to any person,”;

(b)

by the substitution in the proviso to that subsection, for the words and figures “year of assessment commencing on or after April 1,

2000, shall,”, of the words and figures “year of assessment commencing on or after April 1,

2006, shall,”;

(2)

in subsection (4) of that section, by the substitution for the words and figures “any year of assessment commencing on or after April 1, 2000, such balance shall,”, of the words and figures “any year of assessment commencing on or after April 1, 2006, such balance shall,”;

(3)

by the substitution for subsection (5) of that section, of the following subsection:—

“(5)

Where an individual:—

(a)

pays on or after April 1, 2006, to the

Government of Sri Lanka or to any institution referred to in paragraph (ee)

of subsection (2) of section 31 of the

Inland Revenue Act, No. 28 of 1979, any amount:—

(i)

in the repayment of the capital of any loan ; or

(ii)

as monthly payments in terms of any rent purchase agreement, referred to in that paragraph ; or

(b)

has incurred prior to Apirl 1, 2006, any expenditure referred to in paragraph (i)

of subsection (2) of section 31 of the

Inland Revenue Act, No. 38 of 2000, and apportioned to any year of assessment commencing on or after April 1, 2006, the amount so paid or the expenditure so apportioned, as the case may be, shall, notwithstanding anything in subsection (1) but subject to the conditions specified in the respective paragraphs referred to in paragraph (a) and (b), be deductible from the assessable income of that individual for any year of assessment commencing on or after April 1, 2006, as if the Inland Revenue

Act, No. 28 of 1979 or the Inland Revenue Act, No.

38 of 2000, as the case may be, continues to be in force.”;

(4)

by the substitution for subsection (6) of that section, of the following subsection:—

“(6)

The allowance for depreciation in respect of any :—

(a)

capital asset acquired prior to April 1,

2000, or any qualified building constructed prior to April 1, 2000 ; or

(b)

capital asset acquired on or after April 1, 2000, but prior to April 1, 2006, or any qualified building constructed on or after April 1, 2000, but prior to April 1, 2006, shall, notwithstanding the non-application referred to in subsection (1), be computed in accordance with the respective provisions of the Inland Revenue Act, No. 28 of 1979 or the

Inland Revenue Act, No. 38 of 2000, as the case may be.”; and

(5)

in the marginal note to that section, by the substitution for the words and figures “Inland

Revenue Act, No. 38 of 2000.”, of the words and figures “Inland Revenue Act, No. 28 of 1979 or

Inland Revenue Act, No. 38 of 2000.”.

Read on from s 45