7. Amendment of section 14 of the principal enactment

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

Section 14 of the principal enactment is hereby amended as follows: -

(1)

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

(a)

by the substitution for the words and the figure “The deductions referred to in subsection (1) granted for a year of assessment”, of the words and figures “The deductions of improvements referred to in subsection (1) granted for any year of assessment commencing from April 1, 2021”;

and

(b)

in subparagraph (i) of paragraph (a) of that subsection, by the substitution for the words

“in the case of repair or improvement to”, of the words “in the case of improvement to”;

(2)

in subsection (3) of that section, by the substitution for the words and figure “(paragraph (3) of the

Fourth Schedule)”, of the words and figure

“(paragraph 3 of the Fourth Schedule)”;

(3)

by the addition immediately after subsection (3) of that section, of the following new subsection: -

“(4) In this section, “improvement” means the expenditure incurred by a person to make additions or alterations to a depreciable asset which enhances the value of such asset, but excludes the expenditure incurred to maintain or repair a depreciable asset which temporarily enhances the value of such asset.”.

Read on from s 8