Inland Revenue (Amendment) Act 2014 · As enacted
14. Amendment of section 32 of the principal enactment
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
Section 32 of the principal enactment as last amended by Act, No. 8 of 2012 is hereby further amended as follows:-
in subsection (5) of that section –
by the substitution in paragraph (a) of that subsection, for the words and figures
“annuity, ground rent, royalty or interest not deductible under section 25.”, of the words and figures “annuity or interest, not deductible under section 25.”; and
by the insertion immediately after paragraph (c) of that subsection, of the following new paragraph:-
“(cc)
Where any person who is engaged in carrying on both life insurance business and general insurance business segregates such life insurance business and the general insurance business into two separate companies, as required by section 53
of the Regulation of Insurance
Industry (Amendment) Act, No. 3 of 2011, incurred any loss prior to such segregation of which the entirety or any part thereof had not been deducted previously, the balance, if any, as at the date of such segregation shall, notwithstanding anything to the contrary in any other provision of this Act, but subject to the provisions of paragraph (b), be deducted from the total statutory income of the respective companies in the following manner:-
such part of the loss as attributable to the life insurance business, from the total statutory income of the company which carries on long term insurance business;
such part of the loss as attributable to the general insurance business, from the total statutory income of the company which carries on general insurance business.”; and
by the substitution in paragraph (a) of subsection (6) of that section, for the words and figures “from income tax under section 16, section 17, section 18,”, of the words and figures “from income tax under section 16, section 16A, section 16B, section 16C, section 16D, section 17, section 17A, section 18,”.