20. Amendment of the Third Schedule to the principal enactment

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

The Third Schedule to the principal enactment is hereby amended as follows:-

(1)

in paragraph (gg) of that Schedule, by the substitution for the words “an entity fully owned by”, of the words “an entity of which more than fifty percent of direct or indirect membership interest is owned by;”;

(2)

in paragraph (ooo) of that Schedule –

(a)

in subparagraph (ii) of that paragraph, by the substitution for the words and figures “another resident company which is subject to Advance

Income Tax under subsection (1A) of section 84A;”, of the words “another resident company;”;

(b)

by the addition immediately after subparagraph (ii) of that paragraph, of the following new subparagraph: -

“(iii) to a member who is a non-resident person where such dividend is paid prior to January 1, 2023;”;

Act, No. 4 of 2023

(3)

by the insertion immediately after paragraph (t) of that Schedule, of the following new paragraph: -

“(tt)

amounts derived by a non-resident person from engaging in a project of the

Government of Sri Lanka, if such project is approved by the Minister taking into consideration the economic benefits to the country, and is totally funded from foreign grants;”;

(4)

in paragraph (w) of that Schedule-

(a)

in subparagraph (ii) of that paragraph, by the substitution for the words and figures “on or after April 1, 2021”, of the words and figures

“on or after April 1, 2021, but prior to April 1,

2023,”;

(b)

in subparagraph (v) of that paragraph, by the substitution for the words and figures “on or after January 1, 2021”, of the words and figures

“on or after January 1, 2021, but prior to April 1, 2023,”;

(c)

in subparagraph (vi) of that paragraph, by the substitution for the words and figures “on or after April 1, 2021;”, of the words and figures

“on or after April 1, 2021, but prior to April 1,

2023, for a period of two years of assessment;”; and

(5)

by the addition immediately after paragraph (w) of that Schedule, of the following new paragraph: -

“(x) gains and profits received or derived by an authorised person carrying on a Business of

Act, No. 4 of 2023

Strategic Importance as approved under the provisions of the Colombo Port City

Economic Commission Act, No. 11 of 2021

and the employment income of an employee employed in terms of section 35 of that Act, up to the extent provided for in that Act for each year of assessment.”.

Read on from s 21