39. Amendment of section 53 of the principal enactment

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

Section 53 of the principal enactment is hereby amended in subsection (1) of that section as follows :—

(1)

in paragraph (d) of that subsection, by the substitution for the words “business of life insurance.” , of the words “business of life insurance ;”;

(2)

by the addition at the end of that paragraph of the following paragraph :—

“(e)

in the case of any company liable to pay tax under paragraph (1) of this section at a rate not less than thirty per centum for any year of assessment commencing on or after April 1,

2003 an amount equal to two and one half per centum of the taxable income of such company and such tax to be credited to the Human

Resource Endowment Fund established by the

Government :

Provided however, such amount of tax shall be credited to the Consolidated Fund pending the establishment of the Human Resources

Endowment Fund. ”.

Read on from s 40