5. Amendment of section 14 of the principal enactment

Official English translation. The Sinhala text prevails.

Section 14 of the principal enactment is hereby amended as follows: -

(1)

by the re-numbering of subsection (4) of that section, as subsection (5) of that section; and

(2)

by the insertion immediately after subsection (3) of that section, of the following new subsection: -

“(4) In the event of the written down value referred to in subsection (2) is zero for a depreciable asset, notwithstanding the provisions of subsection (2), the deduction for improvement referred to in subsection (1) shall be deducted in equal amounts apportioned over-

(a)

twelve years of assessment, for a Class 4

depreciable asset;

(b)

three years of assessment, for other Classes of depreciable assets, commencing from the year of assessment in which the expenditure was incurred.”.

Read on from s 6