9. Amendment of section 32DDD of the principal enactment

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

Section 32DDD of the principal enactment inserted by

Act No. 52 of 1998, is hereby further amended as follows :–

(1)

in sub-section (1) of that section, by the substitution, for the words and figures from “where the taxable income” to “ the tax shall be computed as follows :–”, of the following :––

“Where the taxable income of any person (other than any company )––

(A)

for the year of assessment commencing on April 1, 1998, includes any profits and income

Inland Revenue (Amendment)

[within the meaning of section 3(a)]

from any agricultural undertaking or any undertaking for the promotion of tourism ; or

(B)

for any year of assessment commencing on of after April 1,

1999,includes any profits and income

[within the meaning of section 3(a)

from any agricultural undertaking, undertaking for the promotion of tourism or undertaking for construction work,

(hereinafter in this section reffered to as

“specified profits”) and the rate of income tax payable on a part of such income (hereinafter in this section referred to as “relevant part of income”) exceeds fifteen per centum, then in regard to the relevant part of income, tax shall be computed as follows :––”;

(2)

in sub-section (2) of that section––

(i)

in the proviso to paragraph (c) of that sub-section, by the substitution, for the words

“profits arising from such deemed sale;” of the words profits arising from such deemed sale;”

(ii)

by the addition immediately after paragraph (c) of that sub-section of the following paragraph :––

“(d)

undertaking for construction work means an undertaking carried on by a resident person for the construction of any ––

(i)

building ;

(ii)

roads or bridges ; or

(iii)

water supply, drainage or sewerage systems,”.

Inland Revenue (Amendment)

Read on from s 10