35. Amendment of section 163 of the principal enactment

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

Section 163 of the principal enactment as last amended by the Act, No. 8 of 2014 is hereby further amended in subsection (5) of that section by the repeal of the first proviso to that subsection and substitution therefor, of the following proviso:-

“Provided, that nothing in this subsection shall apply to the assessment of income tax payable by any person in respect of any year of assessment, consequent to-

(i)

the receipt by such person of any arrears relating to the profits from employment of that person for that year of assessment;

(ii)

any adjustment made in line with the adoption of the Sri Lanka Financial Reporting Standards for the year of assessment in which such adoption was made; or

(iii)

any profits and income or the loss ascertained in accordance with the provisions referred to in section 104 or section 104A, as the case may be, for any year of assessment commencing on or after

April 1, 2013, for any period before the expiry of five years from the date of receipt of such return, where the Commissioner General is in the opinion that:

(A)

the profits and income or the loss referred to in section 104, of any person, has not been ascertained having regard to the arm’s length price, and issue of such assessment is not contrary to any provision of an agreement in force for the relief of double taxation between the Government of Sri

Lanka and the Government of any territory in which such person is resident; or

(B)

the profits and income or the loss referred to in section 104A, of any person, has not been ascertained having regard to the arm’s length price:”.

Read on from s 36