2. Amendment of section 3 of Act…

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

Section 3 of the Nation Building Tax Act, No. 9 of 2009 as last amended by Act, No. 9 of 2012 (hereinafter referred to as the “principal enactment”) is hereby further amended as follows :—

(1)

in subsection (3) of that section by the substitution in paragraph (iii) thereof, for the words, “paid in that quarter;” of the words and figures “paid in that quarter other than such excise duty paid on the importation with effect from February 1, 2009;”; and

(2)

in subsection (4) of that section –

(a)

by the repeal of paragraph (iii) thereof and the substitution therefor of the following paragraph:—

“(iii)

the liable turnover of such person from the supply of any goods or services other than services referred to in paragraph (iv) and which does not exceeds—

(a)

the sum of five hundred thousand rupees if such relevant quarter is any quarter commencing on or after January 1, 2011 but prior to

January 1, 2013; and

Nation Building Tax (Amendment)

(b)

the sum of three million rupees if such relevant quarter is any quarter commencing on or after

January 1, 2013;”;

(b)

by the substitution in paragraph (iv) thereof, for the words “twenty five million rupees.” of the words “twenty five million rupees;” and

(c)

by the addition immediately after paragraph (iv)

of the following new paragraph:—

“(v) such quarter is a quarter commencing on or after January 1, 2013 and the liable turnover being turnover of any new business of manufacture of any article other than liquor or tobacco, or the provision of any service by any individual who is a citizen of Sri Lanka for a period of five years reckoned from the beginning of the year of assessment in which the commercial operation commences, if such individual—

(i)

return from foreign employment on or after January 1, 2013; and

(ii)

invests his foreign earnings to commence such business.”.

Read on from s 3