6. Amendment of section 13 of the principal enactment

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

Section 13 of the principal enactment is hereby amended as follows :—

(1)

in sub-paragraph (i) of paragraph (b) of that section, by the substitution for the words “outside Sri Lanka

(including services relating to any construction project); and”, of the words and figures “outside Sri

Lanka (including, in relation to the year of assessment commencing on April 1, 2006, services relating to any construction project); and”;

(2)

by the insertion, immediately after paragraph (d) of that section, of the following new paragraph :—

“(dd)

the profits and income for any year of assessment earned in foreign currency by any resident company, a resident individual or any partnership from services rendered outside Sri

Lanka in that year of assessment, in carrying out any contruction project in the course of any trade, business or vocation, if such profits and income (less any such amount expended by that compnay, individual or partnership outside Sri Lanka as is considered by the

Commissioner-General to be reasonable expenses) are remitted to Sri Lanka through a bank;”;

(3)

in paragraph (t) of that section, by the substitution for the words “any profits and income derived by or accruing to any person or partnership other than any unit trust, mutual fund or any venture capital company, from the sale of any share”, of the words and figures—

“any profits and income—

(i)

for the year of assessment commencing on

April 1, 2006, derived by or accruing to any person or partnership other than any unit trust, mutual fund or venture capital company ; and

(ii)

for any year of assessment commencing on or after April 1, 2007, derived by or accruing to any person or partnership, from the sale of any share”; and

(4)

by the substitution, for paragraph (x) of that section of the following paragraph :—

“(x)

an amount equal to the interest payable to any bank in Sri Lanka, in respect of any loan granted to a company, the full amount of which is invested :—

(i)

in any new undertaking referred to in subsection (2) of section 20, where such company is a company referred to in that section ; and

(ii)

in any relocated undertaking referred to in subsection (2) of section 21, where such company is a company referred to in that section;”.

Read on from s 7