7. Amendment of section 13 of the principal enactment

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Section 13 of the principal enactment as amended by

Act, No. 10 of 2007, is hereby further amended as follows:—

(1)

by the substitution in paragraph (a) of that section, for the words “earned in any year of assessment in foreign currency”, of the words and figures“earned in any year of assessment prior to April 1, 2008, in foreign currency”;

(2)

by the substitution in paragraph (c) of that section, for the words “the profits and income earned in foreign currency”, of the words and figures,“the profits and income earned in foreign currency in any year of assessment ending on or before March 31, 2008,”;

Act, No. 9 of 2008

(3)

by the substitution in paragraph (d) of that section, for the words “the profits and income earned in foreign currency”, of the words and figures“the profits and income earned in foreign currency in any year of assessment ending on or before March 31, 2008,”;

(4)

by the insertion immediately after paragraph (dd) of that section, of the following new paragraph:—

“(ddd)

the profits and income earned in foreign currency by any resident company, any resident individual or any partnership in

Sri Lanka, from services rendered in or outside

Sri Lanka to any person or partnership outside

Sri Lanka, being services rendered in the course of carrying on of any profession or vocation as is specified by the

Commissioner-General by Notice published in the Gazette, as being in the interest of the national economy of Sri Lanka, if such profits and income (less such amount, if any, expended outside Sri Lanka as is considered by the Commissioner-General to be reasonable expenses) are remitted to Sri Lanka through a bank;”;

(5)

by the insertion immediately after paragraph (i) of that section, of the following new paragraph:—

“(ii)

the profits and income within the meaning of paragraph (a) of section 3, arising from the cutting and polishing of gems which are brought to Sri Lanka and exported after such cutting and polishing;”;

(6)

by the insertion immediately after paragraph (x) of that section, of the following new paragraph:—

“(xx)

an amount equal to the interest payable to any bank in Sri Lanka in respect of any loan granted, where the full amount of such loan is invested in any new undertaking referred to in section 24C;”;

Act, No. 9 of 2008

(7)

by the insertion immediately after paragraph (y) of that section, of the following new paragraph:—

“(yy).

any profits and income arising or accruing to any company, partnership or body of persons outside Sri Lanka, from any payment made in respect of the use on or after April 1, 2008, of any plant, machinery or equipment supplied by such company, partnership or body of persons to the Government of Sri Lanka, any public corporation, any Government

Institution or to any other undertaking, for the use in any project approved by the

Minister as being essential for the economic development of Sri Lanka;”; and

(8)

by the addition immediately after paragraph (z) of that section, of the following new paragraphs:—

“(zz)

the profits and income of any individual who is not a citizen of Sri Lanka and who is employed in Sri Lanka in any undertaking, being profits and income arising or derived from outside Sri Lanka during the period commencing from April 1, 2008, and ending on the date of cessation of such employment;

(zzz)

the profits and income within the meaning of paragraph (a) of section 3, of any undertaking for the construction and sale of houses for low income families under a scheme approved by the Urban Development Authority or the

National Housing Authority, being houses the floor area of which does not exceed five hundred square feet, if the sale of any such house takes place before April 1, 2013.”.

Read on from s 8