As enacted

Contents

20. Amendment of section 32 of the principal enactment

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

Section 32 of the principal enactment as amended by Act, No. 10 of 2007 is hereby further amended as follows :—

(1)

in subsection (1) of that section—

(a)

by the substitution for the words “for any year of assessment shall be his total statutory income for the year, other than the-”, of the words “for any year of assessment shall be his total statutory income for the year other than the-”; and

Act, No. 9 of 2008

(b)

in paragraph (c) of that subsection, by the substitution for the words and figures

“deducted under section 134 or section 135, as the case may be;”, of the words and figure

“deducted under section 134;”;

(2)

in subsection (2) of that section, by the substitution in the definition of the expression “interest income”, for the words and figure “sub-paragraph (b) of subsection (3) of this section,”, of the words and figure “sub-paragraph (b) of this subsection,”;

(3)

in subsection (3) of that section, by the addition immediately after paragraph (d) of that subsection of the following new paragraphs :—

“(e)

the profits and income of such person from the sale of any Rupee Denominated Treasury

Bond, purchased out of funds drawn from any Treasury Bond Investment External

Rupee Account ;

(f)

where such person is the Credit Guarantee

Fund of the Central Bank of Sri Lanka, the interest accruing to such Fund from any Treasury Bond issued under the

Registered Stocks and Securities Ordinance

(Chapter 420) or from any Treasury Bill issued under the Local Treasury Bills

Ordinance (Chapter 417) ;

(g)

interest on which income tax has been deducted under section 95 and accruing to any person or partnership out side Sri Lanka, on any corporate debt security within the meaning of section 135, issued by or on behalf of any company in Sri Lanka and purchased by such person or partnership out of foreign currency brought into Sri Lanka and converted into Sri Lanka currency for such purchase ; and

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(h)

the profits and income from the sale of any gem on which tax has been deducted by the

National Gem and Jewellery Authority established by the National Gem and

Jewellery Authority Act, No. 50 of 1993, under subsection (1) of section 161A of this

Act.”;

(4)

in subsection (5) of that section—

(a)

in paragraph (a) of that subsection, by the substitution for the words “such person for any year of assessment by way of ”, of the words “such person for any year of assessment by way of ”;

(b)

in paragraph (b) of that subsection, by the substitution for the words “referred to in paragraph (c),”, of the words “referred to in paragraph (c) or paragraph (d),”;

(c)

by the insertion immediately after paragraph (c) of that subsection, of the following new paragraph :—

“(d)

any loss incurred on or after April 1,

2008, in any business of finance leasing to the extent of any profits from such business included in such total statutory income and the balance, if any, of such loss after such deduction, shall be deemed to be a loss for the year of assessment immediately succeeding that year of assessment.”;

(5)

in paragraph (a) of subsection (6) of that section, by the substitution for the words and figures

“section 23 or section 24 of this Act,”, of the words and figures “section 23, section 24, section 24A, section 24B, section 24C or section 24D of this

Act,”; and

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(6)

in subsection (7) of that section, by the substitution for the words “shall be ascertained in the manner provided in this Act”, of the words “shall be ascertained in the manner provided for in this

Act”.

Read on from s 21