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As enacted
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11. Amendment of section 21E of the principal enactment

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

Section 21E of the principal enactment is hereby amended as follows :—

(1)

by the repeal of subsection (2) of that section, and the substitution therefor of the following subsection :—

Inland Revenue (Amendment)

“(2)

The period of three years referred to in subsection (1) shall be reckoned from :—

(a)

the year of assessment in which the business that is acquired commences to make profits ; or

(b)

any year of assessment not later than two years reckoned from the date on which the business that is acquired commenced commercial operations, whichever is earlier.”.

(2)

by the substitution for the definition of the term

“acquires”, of the following definition :—

“acquires” means—

(i)

acquiring the ownership of the enterprise as an owner ;

(ii)

acquiring not less than fifty one per centum of the ownership of the enterprise with management rights or as partner or a joint venture partner ; or

(iii)

acquiring the business (including the assets, liabilities and employees) other than by way of acquiring the shares of such enterprise, by way of a Deed.”.

Read on from s 12