12. Amendment of section 25 of the principal enactment

Official English translation. The Sinhala text prevails.

Section 25 of the principal enactment as last amended by Act, No. 22 of 2011 is hereby further amended in subsection (1) of that section as follows :-

(1)

in paragraph (c) of the proviso to paragraph (a) of that section by the substitution for the words and figures “acquired on or after April 1, 2007 and”, of the words and figures “acquired on or after April 1,

2007 but prior to April 1, 2011”;

(2)

by the addition immediately after paragraph (c) of the proviso to paragraph (a) of that section, of the following new paragraph :-

“(d)

where for energy efficiency purposes, any high tech plant, machinery or equipment is acquired on or after April 1, 2012, the rate shall be fifty per centum of the cost of acquisition;”

(3)

by the substitution in paragraph (i) of that section for the words “any trade or business carried on by such person;”, of the following words and figures:—

“any trade or business carried on by such person:

Provided that for any year of assessment commencing on of after April 1, 2012, the deduction shall be an amount equal to three hundred per centum of such expediture incurred by such person, if such research is carried out through any Government institution;

For the purposes of this paragraph—

(i)

“Government institution” includes any company, where fifty per centum or more of the shares are held by the Government; and

(ii)

“scientific, industrial, agricultural or any other research” means any such research which is carried out for product or produce innovation, or improving the quality or character of any product, produce or service but does not include any market research or feasibility studies.

(4)

by the substitution in sub-paragraph (i) to the proviso to paragraph (k) of that subsection for the words and figure “Chapter XIV of this Act” of the words and figures “Chapter XIV of this Act, where such benefit is not exempt under paragraph (s) of subsection (1) of section 8 of this Act,”;

(5)

in paragraph (s) of that subsection by the substitution for the words “that year if assessment and in any previous year of assessment shall not exceed one per centum of the value of Initial Public

Offering of Such company.”, of the words “that year of assessment and in any previous year of assessment shall not exceed one per centum of the value of the

Initial Public Offering of such company;”;

(6)

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

“(t)

any expenditure incurred by any person in the maintenance or management of any sports ground, stadium or sports complex.”.

Read on from s 13