14. Amendment of section 25 of the principal enactment

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

Section 25 of the principal enactment as last amended by Act No. 19 of 2009, is hereby further amended in subsection (1) of that section as follows:-

(1)

in paragraph (a) of that subsection-

(a)

by the substitution in sub-paragraph (iii), for the words "sub-paragraph (v), acquired or assembled by such person, at the rate of twelve and one half per centum on the cost of acqusition or assembly;", of the following words and figures:-

"sub-paragraph (iv)-

(A)

acquired or assembled prior to April 1,

2011

by such person, at the rate of twelve and one half per centum per annum; or

(B)

acquired or assembled on or after April 1, 2011 by such person, at the rate of thirty three and one third per centum per annum, on the cost of acquistition or assembly;";

(b)

in sub-paragraph (v) of that paragraph by the substitution for the words "any qualified building" of the words and figures

"any qualified building constructed prior to

April 1, 2011,";

(c)

by the insertion immediately after sub-paragraph (v) of that paragraph, of the following new sub-paragraph:-

"(vi) any qualified building constructed on or after April 1, 2011, at the rate of ten per centum, on the cost of construction;";

(d)

in paragraph (b) of the proviso to that paragraph-

"(i) in sub-paragraph (i), by the substitution for the words "machinery acquired is used in any business", of the words and figures "machinery acquired prior to April 1, 2011, is used in any business"; and

(ii)

in sub-paragraph (ii), by the substitution for the words and figures "acquired on or after April 1, 2007, being a ship", of the words and figures

"acquired on or after April 1, 2007, but prior to

April 1, 2011, being a ship";

(2)

by the subsitution in paragraph (i) of that subsection, for the words " the expenditure, including capital expenditure incurred by such person", of the following words and figures:-

"for any year of assessment-

(i)

commencing prior to April 1, 2011, the expenditure including capital expenditure; or

(ii)

commencing on or after April 1, 2011, an amount equal to two hundred per centum of the expenditure, including capital expenditure, incurred by such person";

(3)

in paragraph (r) of that subsection, by the substitution for the words "carrying on any profession,", of the words "carrying on any profession;"; and

(4)

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

"(s) any expenditure incurred in any year of assessement in quoting any shares of a company in any official list of any stock exchange licensed by the Securities and Exchange

Commission of Sri Lanka, provided that the aggregate of such expenditure incurred in that year if assessment and in any previous year of assessment shall not exceed one per centum of the value of the Initial Public Offering of Such company.",

Read on from s 15