9. 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 last amended by Act, No. 8 of 2014 is hereby further amended in subsection (5) of that section as follows:-

(1)

in paragraph (a) of that subsection, by the substitution for all the words and figures from “sums paid by such person” to the words and figures

“subsection (1) of section 26:”, of the following words and figures:-

“sums paid by such person for any year of assessment by way of:

(i)

any ground rent or royalty payable for any period prior to April 1, 2014 and which is paid after April 1, 2014; or

(ii)

annuity or interest, which he is not entitled to deduct under section 25.

For the purpose of this paragraph interest does not include the excess referred to in paragraph (x) or paragraph (y) of subsection (1) of section 26:”; and

(2)

by the insertion immediately after paragraph (d) of that subsection, of the following new paragraph:-

“(dd)

the balance , if any, of any loss deductible under the provisions of this Act , of any business of any bank, financial institution or leasing company which is consolidated, acquired or merged in terms of the guidelines issued by the Central Bank of

Sri Lanka subject to conditions specified in the guidelines issued by the

Commissioner General, shall continue to be deducted, if it would have been claimed under this section prior to such consolidation, acquisition or merger, notwithstanding anything to the contrary in any other provision of this Act, but subject to the provisions of paragraph (b), from the total statutory income of the respective bank, financial institution or leasing company as a result of such consolidation, acquisition or merger;”.

Read on from s 10