35. Amendment of section 107 of the principal enactment

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

Section 107 of the principal enactment is hereby amended as follows:—

(1)

in the proviso to subsection (1) of that section , by the repeal of paragraph (a) of that proviso and the substitution therefor of the following paragraph:—

“(a)

where such trade, business, profession or vocation is being carried on or exercised by any quoted public company or any other company having a turnover of not less than two hundred and fifty million rupees or net profit of not less than one hundred million rupees for the year, then, notwithstanding that a notice under this section has not been given to such quoted public company or other company , furnish for that year of assessment or for that other period, in respect of which the statutory income for that year of assessment is computed, such statement and such schedules as may be specified by the

Commissioner-General, by notice published in the Gazette;”;

Act, No. 9 of 2008

(2)

by the repeal of the proviso to subsection (2) of that section, and the substitution therefor of the following proviso:—

“Provided that a statement of accounts in support of a return of income for any year of assessment or for any other period on the profits of which the statutory income for that year of assessment is computed—

(a)

furnished by any quoted public company, in respect of any trade, business, profession or vocation carried on or exercised by such quoted public company;

(b)

furnished by any other company in respect of any trade, business, profession or vocation carried on or exercised by such company, where the turnover from such trade, business, profession or vocation, for that year of assessment or for that other period, is not less than two hundred and fifty million rupees or the statutory income from that trade, business, profession or vocation for that year of assessment or for that other period, is not less than one hundred million rupees; or

(c)

furnished by any partner of any partnership or by any person other than a company, in respect of any trade, business, profession or vocation carried on or exercised by such partnership or by such person, where the turnover from such trade, business, profession or vocation, for that year of assessment or for that other period, is not less than fifty million rupees or the divisible and protits of that partnership or the statutory income of such person, from that trade, business, profession or vocation for that year

Act, No. 9 of 2008

of assessment or for that other period, as the case may be, is not less than twenty five million rupees, shall be prepared on the basis of an audit by an approved accountant.”.

Read on from s 36