2. Amendment of section 5 of Act…

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

Section 5 of the Inland Revenue Act, No. 24 of 2017

(hereinafter referred to as the “principal enactment”) is hereby amended as follows: -

(1)

in subsection (2) of that section-

(a)

in paragraph (c) of that subsection, by the substitution for the words “payments providing” of the words “payments providing”;

(b)

in paragraph (f) of that subsection, by the substitution for the words “retirement payments received” of the words “retirement payments received”; and

(c)

in paragraph (i) of that subsection, by the substitution for the words “the employment;

and” of the words “the employment; and”;

(2)

in subsection (3) of that section-

(a)

in paragraph (e) of that subsection, by the substitution for the words “subsection (2));

and” of the words “subsection (2));”;

(b)

in paragraph (f) of that subsection, by the substitution for the words “approved by the

Commissioner-General.” of the words

“approved by the Commissioner-General;

and”; and

(c)

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

“(g) any retirement payments received at the time of the retirement from employment, subject to the condition that the respective retirement contributions have already been considered for income tax purposes and the employee has paid tax on such contributions in a previous year of assessment.”.

Read on from s 3