As enacted

Contents

5. Amendment of section 13 of the principal enactment

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

Section 13 of the principal enactment as last amended by Act, No. 8 of 2012 is hereby further amended as follows :-

(1)

by the insertion immediately after paragraph (bb)

of that section, of the following new paragraph:-

“(bbb)

the profits and income earned in foreign currency by any person for any year of assessment commencing on or after April 1, 2012, in respect of any business of procuring goods from one country or manufacturing goods in one country and exporting to another country, other than

Sri Lanka;” ;

(2)

by the insertion immediately after paragraph (dddd)

of that section, of the following new paragraph :-

“(ddddd)

any profits and income earned in foreign currency from outside Sri Lanka, by any resident individual who is a citizen of

Sri Lanka, if such profits and income (less such amount, if any, expended outside Sri

Lanka as is considered by the

Commissioner-General to be reasonable expenses) are remitted to Sri Lanka through a bank;”;

(3)

by the insertion immediately after paragraph (xxxxxx) of that section, of the following new paragraphs:-

“(xxxxxxx)

any profits and income from any investment made on or after January 1, 2013 -

(i)

in any Corporate Debt Security, quoted in any Stock Exchange licensed by the Securities and

Exchange Commission;

(ii)

in any Municipal Bond issued by any Municipal Council with the approval of the Secretary of the

Ministry of Finance;

(xxxxxxxx)

the interest earned by the DFCC Bank established by the Development Finance

Corporation of Ceylon Act, No. 35 of 1955

and National Development Bank PLC incorporated under the Compaines Act,

No. 7 of 2007, from moneys lent out of funds raised from outside Sri Lanka to

Small and

Medium enterprises, plantaions, construction industry or other manufacturing industries.”;

(4)

by the insertion immediately after paragraph

(yyyyyy) of that section, of the following new paragraph :-

“(yyyyyyy)

any royalty, franchising fee or any payment for designing received by any foreign collaborator from a company registered with the Board of

Investment, during the period of tax holiday under section 17A or section 16D as the case may be, where the investment made in Sri Lanka from foreign direct investment raised outside Sri Lanka exceeds US $ 50

Million and if such services are considered by the Director General of the Board of Investment to be essential in carrying out activities in

Sri Lanka and is not obtainable in

Sri Lanka;”;and

(5)

by the insertion immediately after paragraph (zzzzzz)

of that section, of the following new paragraph :-

“(zzzzzzz)

where an individual who is a citizen of Sri Lanka, employed abroad returns to the country on or after January 1,

2013 and invests his earnings from employment abroad to commence any business of manufacture of any article, other than liquor or tobacco products, or provision of any service, the profits and income of such person from such business for a period of five years commencing from the beginning of the year of assessment in which the commercial operations of such business commenced.”.

Read on from s 6