22. Amendment of section 75 of the principal enactment

Official English translation. The Sinhala text prevails.

Section 75 of the principal enactment is hereby amended as follows: -

(1)

by the repeal of subsection (1) of that section and the substitution therefor of the following subsection:-

Act, No. 10 of 2021

“(1) (a) Where Parliament by resolution approves any double taxation agreement or mutual administrative assistance agreement entered into between the Government of Sri

Lanka and the Government of any other territory, or such agreement entered into by the

Government of Sri Lanka with the Governments of any other territories, such agreement shall, notwithstanding anything in any other written law, have the force of law in Sri Lanka. Every such resolution which is so approved by

Parliament, shall be published in the Gazette.

(b)

Every agreement entered into between the

Government of Sri Lanka and the Government of any other territory and having the force of law in Sri Lanka by virtue of the provisions of section 70 of the Inland Revenue Act, No. 4 of 1963, or section 82 of the Inland Revenue Act, No. 28 of 1979, or section 92 of the Inland Revenue Act,

No. 38 of 2000, or section 97 of the Inland

Revenue Act, No. 10 of 2006 shall be deemed for all purposes to be an agreement approved by

Parliament under paragraph (a) of this subsection.”;

(2)

in subsection (5) of that section, in the definition of the expression “double taxation agreement”, by the substitution for the words “international agreement relating to the avoidance of double taxation and the prevention” of the words

“international agreement for the purpose of affording relief from double taxation in relation to income tax under Sri Lanka law and any taxes of a similar character imposed by the laws of the other territory, and the prevention”.

Read on from s 23