11. Amendment of section 25 of the principal enactment

Official English translation. The Sinhala text prevails.

Section 25 of the principal enactment as last amended by Act, No. 8 of 2012 is hereby further amended in subsection (1) of that section as follows :-

(1)

by the substitution in paragraph (d) of the proviso to paragraph (a) of that subsection for the words

“the rate shall be fifty per centum of the cost of acquisition;”, of the words “the rate shall be fifty per centum of the cost of acquisition”:

Provided that where such high tech plant, machinery or equipment acquired on or after April

1, 2013 and used in any trade or business meets more than thirty per centum of the total requirement of the power generation of that trade or business out of alternative energy sources, the rate shall be one hundred per centum on the cost of acquisition;

For the purpose of this proviso “alternative energy source” means any source other than the

National Grid, that generates power.”;

(2)

by the addition immediately after paragraph (d) of the proviso to paragraph (a) of that subsection, of the following new paragraphs:-

“(e)

where any plant or machinery or equipment is acquired and used in any business on or after April 1, 2013 for technology upgrading purposes or introducing any new technology, the rate shall be fifty per centum of the cost of acquisition;

(f)

where any plant, machinery or equipment is acquired and used on or after April 1, 2013 in any Stock Broker Company for the upgrading of information technology infrastructure to be in compliance with the requirements of the Colombo Stock

Exchange licensed by the Securities and

Exchange Commission, in relation to the

Risk Management System,the rate shall be one hundred per centum of the cost of acquisition;

(g)

where any plant, machinery or equipment acquired and used on or after April 1, 2013, in any trade or business and where at least sixty per centum of the turnover of such trade or business is from export, the rate shall be fifty per centum of the cost of acquisition;”;

(3)

by the substitution in paragraph (i) of that subsection, for all the words from “upgrading of any trade or business carried on” to the words

“carried out through any Government institution;”, of the following words and figures:-

“upgrading of any trade or business carried on by such person:

Provided that-

(A)

where such expenditure is incurred on or after April 1, 2012 but prior to April 1,

2013 and such research is carried out through any Government institution;

(B)

where such expenditure is incurred on or after April 1, 2013 and such research is carried out through any institution in

Sri Lanka, the deduction shall be an amount equal to three hundred per centum of such expenditure incurred by such person”; and

(4)

by the addition immediately after paragraph (t) of that subsection, of the following new paragraph :-

“(u)

any sum paid by a Public Corporation or

Government Owned Business Undertaking as a special levy, to the Government.”.

Read on from s 12