Inland Revenue (Amendment) Act 2011 · As enacted
6. Amendment of section 13 of the principal enactment
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
Section 13 of the principal enactment as last amended by Act, No. 19 of 2009, is hereby further amended as follows:-
by the substitution in sub-paragraph (i) of paragraph (b) of that section, for the words
"services relating to any construction project;
and", of the words "services relating to any construction project;";
by the substitution in sub-paragraph (ii) of paragraph (b) of that section, for the words "any goods imported into Sri Lanka,'', of the following words and figures:-
"any goods imported into Sri Lanka; and
in respect of any business of exporting any goods, being goods which were brought to
Sri Lanka on a consignment basis, and re-exported without subjecting such goods to any process or manufacture, other than the repacking or labeling of such goods in the preparation to the market,'';
by the insertion immediately after paragraph (b) of that section, of the following new paragraph:-
“(bb)
the profits and income earned in foreign currency by any manufacturer of textile, leather products, footwear or bags, from supplies made to any foreign buyer who has established his headquarters in
Sri Lanka for management, finance, supply chain and billing;'';
by the substitution in paragraph (ddd) of that section, for all the words commencing from "from services rendered in or outside Sri Lanka," to
"the national economy of Sri Lanka, ", of the words "from any service rendered in or outside
Sri Lanka to any person or partnership outside
Sri Lanka, other than any commission, discount or similar receipt for any such service rendered in
Sri Lanka,'';
by the insertion immediately after paragraph (xxxxx) of that section, of the following new paragraph:-
"(xxxxxx) (i)
an amount equal to the interest payable to any bank or other financial institution in Sri Lanka, in respect of any loan granted out of the moneys lying into the credit of the Investment
Fund account of such bank or institution, maintained and operated in accordance with the guidelines set by the Central Bank; or
an amount equal to the interest payable to any bank or other financial institution in Sri Lanka, in respect of any loan granted-
to any company for investing in full in an undertaking referred to in section 17C;
to any person or partnership for investing in full for the operation of re-opened abandoned factory.
In this paragraph "re-opened abandoned factory'' means a factory which was engaged in the production or manufacture of any commodity or article but which had not been so engaged for an unbroken period of not less than three years, preceding November 22, 2010, and which commences the production or manufacture of such commodity or article or any other commodity or article in commercial quantities before April 1, 2012.'';
by the insertion, immediately after paragraph (yyy) of that section, of the following new paragraphs:-
"(yyyy) the profits and income arising or accruing to any person from any undertaking for the operation of any port terminal in
Sri Lanka;
(yyyyy) the profits and income from any service rendered by any person or partnership in any port in Sri Lanka in the course of any business carried on within such port;''; and
by the insertion, immediately after paragraph (zzzz)
of that section, of the following new paragraph:-
"(zzzzz)
the profits and income arising or accruing to any person from any undertaking for the construction of any
Port in Sri Lanka.''.
"Exemption from income tax of the profits and income of any undertaking for fishing.