28. Amendment of section 98 of the principal enactment

Official English translation. The Sinhala text prevails.

Section 98 of the principal enactment as last amended by Act, No.12 of 2004 is hereby further amended as follows :—

(1)

in paragraph (b) of subsection (1C) of that section, by the subsitution for the words “Where there were no remittances declared during”, of the words

“Where there were no remittances made during”;

and

(2)

by the insertion immediatley after subsection (1C)

of that section, of the following new subsections :-

“(1D) (a) Any individual who satisfies any four requirements out of the five requirements specified in paragraph (b)

of this subsection, during any year of assessment commencing on or after April 1,2005, shall submit a return of income to the Commissioner - General not later than one month after the fulfillment of such requirements.

(b)

For the purpose of paragraph (a) of this subsection, the requirements shall be as follows :—

(i)

paying a monthly residential electricity bill exceeding a net amount of ten thousand rupees ;

(ii)

incurring a monthly credit card bill exceeding twenty-five thousand rupees ;

(iii)

paying a monthly residential telephone bill exceeding a net amount of ten thousand rupees ;

(iv)

purchasing an air ticket to travel abroad ; and

(v)

owning a motor vehicle which is used for travelling purposes.

(1E)

Every person chargeble to pay income tax under any provisions of this Act, shall be required to declare -

(a)

the value of every asset and liability, as at the last day of any year of assessment commencing on or after April 1, 2005 ;

and

(b)

any profits or income exempted from the payment of income tax under this

Act, for any year of assessment commencing on or after April1 , 2005.”.

Read on from s 29