54. Amendment of the Fourth Schedule to the principal enactment

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

The Fourth Schedule to the principal enactment is hereby amended as follows: -

(1)

in the table in subparagraph (1) of paragraph 1 of that Schedule, by the addition, immediately after

Class 5, of the following new Class:-

“6

milking machines with latest technology, used to manufacture local liquid milk related products.”;

(2)

in paragraph 2 of that Schedule-

(a)

in the table in subparagraph (3) of that paragraph, by the addition, immediately after

Class 5, of the following new Class:-

“6 2.”;

(b)

in subparagraph (4) of that paragraph-

(i)

in item (c) of that subparagraph, by the substitution for the words “vehicle; or”, of the words “vehicle;”;

(ii)

in item (d) of that subparagraph, by the substitution for the words “trailer.”, of the words “trailer; or”;

(iii)

by the addition immediately after item (d) of that subparagraph, of the following new item:-

“(e) a motor cycle.”;

(3)

by the addition immediately after subparagraph (3)

of paragraph 4 of that Schedule, of the following new subparagraph:-

“(4) Notwithstanding anything to the contrary in subparagraph (1), where a depreciable asset of a

Act, No. 10 of 2021

person which was subject to deduction of the enhanced capital allowances calculated in accordance with the provisions of the Second or

Sixth Schedule to this Act is realized by that person, an assessable charge included in calculating the person’s income for the year shall be equal to the consideration received by the person during the year of assessment for such asset, or no balancing allowance shall be granted to the person for the year for such asset.”.

Read on from s 55