36. Amendment of the Fifth Schedule to the principal enactment

Official English translation. The Sinhala text prevails.

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

(1)

in subparagraph (e) of paragraph 1 of that Schedule, by the substitution for the words “acquisition or merger of any other financial institution where”, of the words and figures “acquisition, partial acquisition, absorption of business or merger of, any other bank licensed under the Banking

Act, No. 30 of 1988, finance company licensed under the Finance Business Act, No. 42 of 2011 or finance leasing company registered in terms of paragraph (c) of section 3 of the Finance Leasing

Act, No. 56 of 2000 where”; and

(2)

in paragraph 2 of that Schedule-

(a)

by the repeal of subparagraph (a) of that paragraph and the substitution therefor, of the following subparagraph: -

“(a) (i) Rs. 500,000, for each year of assessment prior to January 1, 2020;

(ii)

Rs. 3,000,000, for each year of assessment commencing on or after

January 1, 2020, but prior to April 1,

2022;

(iii)

Rs. 2,250,000, for first nine months and

Rs. 300,000 for second three months of the year of assessment commencing on

April 1, 2022; and

(iv)

Rs. 1,200,000, for each year of assessment commencing on or after

April 1, 2023, except that an individual who is a trustee, receiver, executor or liquidator shall not be entitled to deduct this personal relief as such trustee, receiver, executor or liquidator, and the relief shall not be deducted against gains from the realisation of investment assets;”;

and

(b)

in subparagraph (f) of that paragraph, by the substitution for the words and figures “on or after

January 1, 2020: -”, of the words and figures “on or after January 1, 2020, but prior to April 1, 2022

and sum of Rs. 900,000, incurred for the first nine months of the year of assessment commencing on April 1, 2022: -”.

Read on from s 37