14. Amendment of section 150 of the principal enactment

Official English translation. The Sinhala text prevails.

Section 150 of the principal enactment is hereby amended as follows: -

(1)

in subsection (1) of that section –

(a)

in paragraph (a) of that subsection, by the substitution for the words “assessed liability to pay tax,”, of the words

“assessed liability or payable amount of tax,”;

(b)

in paragraph (b) of that subsection, by the substitution for the words “six months.”, of the words “six months; or”;

(c)

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

“(c) at the request of the taxpayer, set off sixty percent of the refundable amount against the subsequent income tax payable by the taxpayer, prior to a tax audit on the refund claim.”; and

(2)

by the insertion immediately after subsection (2) of that section, of the following new subsection: -

“(2A) (a) If the taxpayer referred to in subsection (2) is a resident individual and the refund claim is not exceeding one hundred

Act, No. 4 of 2023

thousand rupees, the Commissioner-General shall pay the refund amount due, within three months of the date of the refund claim made by such resident individual, prior to a tax audit:

Provided that, if such resident individual is a senior citizen who is not an instalment payer and his refund claim is not exceeding twenty five thousand rupees for any quarter ending on the thirtieth day of June, thirtieth day of September, thirty first day of December and thirty first day of

March, such refund claim shall be paid within three months of the date of the refund claim made by such resident individual, prior to a tax audit.

(b)

The manner and the procedure relating to the payment of the refund amount due under paragraph (a), may be specified by the

Commissioner-General.”.

Read on from s 15