47. Insertion of a new Chapter XXA in the principal enactment

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

The following new Chapter is hereby inserted immediately after Chapter XX of the principal enactment and shall have effect as Chapter XXA of that enactment:—

“CHAPTER XXA

DEDUCTION OF INCOME TAX FROM THE SALE PRICE OF ANY GEM

SOLD AT ANY AUCTION CONDUCTED BY THE NATIONAL GEM AND

JEWELLERY AUTHORITY.

161A. (1) The National Gem and Jewellery

Authority established by the National Gem and

Jewellery Authority Act, No. 50 of 1993, shall deduct from the sale price of any gem sold at any auction conducted by it, income tax of an amount equal to 2.5 per centum of the sale price of such gem from the sum payable to the seller of such gem and at the time such sum is paid to the seller.

(2)

The provisions of Chapter XVI relating to the deduction of income tax from interest paid by banks and financial institutions, duties of banks and financial institutions, default in the deduction of income tax, issue of assessments on banks and financial institutions, appeals and penalty for default, shall, mutatis mutandis apply to and in relation to the deduction of income tax from the sale price of

National

Gem and

Jewellery

Authority to deduct income tax from the sale price of any gem sold at any auction.

Act, No. 9 of 2008

any gem, duties of the National Gem and

Jewellery Authority making such sale, default in the deduction of income tax, issue of assessments on the National Gem and Jewellery

Authority, appeals and penalty for default under this Chapter, as if there were substituted in

Chapter XVI for the words “banks and financial institutions”, of the words “National Gem and

Jewellery Authority”, and for the word

“interest”, of the words “sale price of any gem sold”, wherever they appear in that Chapter.”.

Read on from s 48