12. Amendment of section 31 of the principal enactment

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

Section 31 of the principal enactment as amended by Act, No. 10 of 2002 is hereby further amended as follows :–

(1)

in subsection (2) of that section –

(a)

in paragraph (j) of that subsection, by the substitution for the words “Minister in charge of the subject of Housing,”, of the words

“Minister in charge of the subject of

Housing ;”;

(b)

by the addition immediately after paragraph (j) of that subsection, of the following paragraph :–

“(k)

fifty per centum of any investment of not less than rupees five hundred thousand in any year of assessment in the purchase by any person of ordinary shares, other than the existing shares, issued by a venture capital company during the period that such company is exempted from income tax under section 21H.”;

and

(2)

in subsection (4) of that section :–

(a)

in paragraph (a) of that subsection –

(i)

in subparagraph (vi) of that paragraph by the substitution for the words “one hundred thousand rupees which ever is less.”, of the words “rupees one hundred thousand whichever is less ;”;

(ii)

by the insertion immediately after subparagraph (vi), of that paragraph of the following subparagraph –

“(vii)

in respect of all qualifying payments referred to in paragraph (k) of subsection (2) made by him in that year of assessment, shall not exceed one third of his assessable income or such qualifying payment which ever is less.”;

(b)

in paragraph (b) of that subsection –

(i)

in subparagraph (i) of that paragraph by the substitution for the word and letters

“paragraphs (b) and (h)”, of the word and letters “paragraphs (b) and (h) and (k)”;

(ii)

in subparagraph (ii) of that paragraph by the substitution for the words “ten million rupees.”, of the words “ten million rupees ;”; and

(c)

by the addition at the end of sub-paragraph, (ii) of paragraph (b) of the following sub-paragraph :–

“(iii)

in respect of all qualifying payments referred to in paragraph (k) of subsection (2) made by that company shall not exceed one fifth of its assessable income or such qualifying payment which ever is less.”.

Read on from s 13