Inland Revenue (Special Provisions) Act 2002

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

Lets people who filed no full return declare income, with relief

Official translation, read from a scanFrom Department of Government Printing's scanned PDF, read by OCR; may contain errors

s 1Short title

This Act may be cited as the Inland Revenue (Special

Provisions) Act, No. 7 of 2002.

s 2Declaration to be made to the Commissioner-General in respect of undeclared profits

Any person who, under the law for the time being in force relating to the imposition of income tax, is liable to pay income tax for any year of assessment commencing prior to

April 1, 2002, and who has not furnished in respect of such year of assessment a return in relation to his profits and income or any part thereof, which is liable to income tax, and who-

(a)

invests prior to April 1, 2003, the monies representing such undeclared profits and income —

(i)

in agriculture, industry or utility services; or

(ii)

in any security issued under the Registered Stocks and Securities Ordinance (Chapter 420) ; or

(b)

has invested, prior to April 1, 2002, the monies representing such undeclared profits and income in the purchase of any movable or immovable property or in the construction of buildings for industrial, commercial, agricultural or residential purposes, shall make a declaration in respect of the same to the

Commissioner-General setting out the full particulars of such investment or purchase, together with proof thereof. Such declaration shalj, in case of an investment referred to in paragraph (a), be made within a period of two months of the date of the making of such investment or before May 31, 2003, whichever is earlier, and in the case of a purchase or construction referred to in paragraph (b), be made before May 31, 2003.

s 3Person making a declaration not liable to income tax or surcharge on income tax

Where any person makes a declaration in terms of the provisions of section 2 and tenders proof in respect of such investment, purchase or construction, to the satisfaction of the Commissioner-General —

(a)

where the investment is in agriculture, industry,. or utility services or in any security issued under the

Registered Stocks and Securities Ordinance (Chapter 420), such person shall not be liable to the payment of any additional income tax or surcharge on income tax in respect of any such year of assessment ;

(b)

where the monies representing such undeclared profits and income have been utilized for the purchase of any movable or immovable property or in the construction of buildings for industrial, commercial, agricultural or residential purposes, such person shall not be liable to the payment of any additional income tax or surcharge on income tax in respect of any such year of assessment.

s 4Person making declaration not liable to any investigation, penalty or prosecution for any offence

Any person who makes a declaration under section 2

and tenders proof in respect thereof, shall not be liable for any investigation, penalty or prosecution for any offence under any law for the time being applicable to the imposition of income tax or surcharge on income tax, in respect of any such year of assessment.

s 5Sinhala text to prevail in case of inconsistency

Inthe event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.

Inland Revenue (Special Provisions)

Act, No. 7 of 2002

s 6Interpretation

In this Act, unless the context otherwise requires —

“Commissioner—General” shall have the same meaning as in the Inland Revenue Act, No. 38 of 2000; and

“undeclared profits and income” means any profits and income chargeable with income tax under the law for the time being applicable to the imposition of income tax in respect of which a person has not furnished a return of income oF which has not been declared in a return furnished by such person.