23. Amendment of section 76 of the principal enactment

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

Section 76 of the principal enactment is hereby amended as follows: -

(1)

in subsection (2) of that section-Act, No. 10 of 2021

(a)

by the repeal of paragraph (b) of that subsection, and the substitution therefor of the following paragraph: -

“(b) “permanent establishment”, in relation to a country with which an agreement has been entered into on avoidance of double taxation means, a permanent establishment defined in an agreement for the relief of double taxation where an agreement is in force between the

Government of Sri Lanka and the

Government of any territory in which any person and their agencies, branches or establishments in Sri Lanka is resident;”;

(b)

in paragraph (c) of that subsection, by the substitution for the words “in Sri Lanka, in which case” of the words “in Sri Lanka or elsewhere, in which case”;

(2)

in subsection (3) of that section-

(a)

in paragraph (f) of that subsection, by the substitution for the words and figures “paragraph (a) or (b) of subsection (2)”, of the words and the figure “paragraph (a) or (b) of subsection (3)”;

(b)

in paragraph (g) of that subsection-

(i)

by the substitution for the words

“reduce or enhance the arm’s length price” of the words “reduce, enhance or annul the arm’s length price”;

(ii)

by the repeal of items (i) and (ii) of that paragraph, and the substitution therefor, of the following items: -

Act, No. 10 of 2021

“(i)

a final order, where all the members of the Committee are in agreement; or

(ii)

an interim order, where the majority of the members of the

Committee are in agreement.”;

(c)

in paragraph (j) of that subsection, by the substitution for the words “Where person or partner of a partnership has not”, of the words

“Where a person has not”;

(d)

in paragraph (l) of that subsection, by the substitution for the words “Such person or partner of a partnership who is” of the words

“Such person who is”;

(3)

in subsection (4) of that section, by the substitution for the words and figure “under subsection (2) has”, of the words and the figure “under subsection (3)

has”.

Read on from s 24