As enacted

Contents

2. of section 4…

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

Section 4 of the Inland Revenue Act, No. 28 of 1979

(hereinafter referred to as the “ principal enactment”) is

“hereby amended as follows :—

(1)

by renumbering that section as subsection (1) of that section

;

(2)

by the substitution, for paragraph (d) of the renum-bered subsection (1), of the following paragraph :—~

“ (d) the rental value of any place of residence provided rent-free by the employer or where a place of residence is provided by an employer at a rent less than the rental value, the excess of the rental value over such rent.

For the purposes of this paragraph the rental value of any place of residence shall—

(i)

for any year of assessment commencing on or before April 1, 1983, be the net annual value as defined in section 5 with the addition of the rates paid by the owner and of thirty-three and one-third per centum of such net annual value on account of repairs and other expenses

; and

(ii)

for any year of assessment commencing on or after April 1, 1984, be—

(a)

the amount computed in accordance with item (i) ; or

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(b)

the gross rent paid for such place of residence, whichever is higher :

Provided that any excess of the rental value over—

(i)

fifteen per centum of the profits described in paragraphs (a) and (b) of subsection (1), or fifteen thousand rupees, whichever is lower, for any year of assessment commencing on or before April 1, 1983, and 2—¢ 075181—8,800 (84/03)

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2 7

Inland Revenue we

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Sita Tet oo,

Act, No. 14 of 1984s.

3).

(ii)

twenty five per centum of the profits described in paragraphs (a) and (b) of subsection (1), a ox forty-eight. thousand rupees, whichever is’

lower, for any ‘year of assessment commencing“ Clie

‘on or after ‘April 1, 1984,. °°

, shall be disregarded ; - and

3) by the addition, after the renumbered subsection, a

Saas ca the-following subsection :—

Th)

(2)

-For the purposes: of this section, “the. value eh. any benefit”, in relation to an individual who.

. —

ita Boat has received, or derived such. benefit,. .means— cmp

(a)

where the market value of such benefit can be and:

ste 3

(b)

where the market value of’ such benefit cannot -

be réadily ascertained, or sach benefit has no market value, the cost'that would have to be incurred by“any other’ individual’ adh

‘obtain such benéfit’: “= 2

sa-Provided that the Commissioner-General,

may, having regard to the. market. value of 4

that benefit or the cost that would have to be incurred by any other individual ‘to obtain that’ benefit, by Order published © in’ the

Gazette, ‘specify the valué'to be placed « on any benefit and’ whetd" a vale is So Specified in

‘Fespect: “ot a Benefit, “Such value shall be

‘deemed to be the value of such benefit. ’ an

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