As enacted

Contents

3. Replacement of section 8 of the principal enactment

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

Section 8 of the principal enactment is hereby repealed and the following new section is substituted therefor:—

8. (1) The provisions in sections 106, 107,

108 and 112 of Chapter XII relating to Returns etc, Chapter XXII relating to Assessments,

Chapter XXIII relating to Appeals, Chapter

XXIV relating to Finalty of Assessments and

Penalty for Incorrect Returns, Chapter XXV relating to Tax in Default and Sums Added

Thereto, Chapter XXVI relating to Recovery of Tax, Chapter XXVII relating to

Miscellaneous, Chapter XXIX relating to

Penalties and Offences, Section 209 of Chapter

“Certain provisions of the Inland

Revenue Act to apply.

Act, No. 20 of 2019

XXX relating to Administration and Chapter

XXXI on General matters, of the Inland Revenue

Act, No. 10 of 2006, shall mutatis muandis apply to the furnishing of returns, assessments, appeal against assessments, finality of assessments and penalty for incorrect returns, tax in default and sums added thereto, recovery of tax, miscellaneous, penalties and offences, administration and general metters under this

Act, for the period prior to April 1, 2018.

(2)

The provisions in Chapter IX, X, XI, XII,

XIII, XV, XVI, XVII, XVIII and XIX of the

Inland Revenue Act, No. 24 of 2017 relating to Administration, Record Keeping and

Information Collection, Tax Returns,

Assessments, Objection and Appeals, Interest, recovery of Tax, Penalties, Criminal

Proceedings and Regulations, respectively shall mutatis mutandis apply to administration, record keeping and information collection, tax returns assessements, objection and appeals, interest, recovery of tax, penalties, criminal proceedings and regulations, respectively under this Act, for any period commencing on or after April 1, 2018, subject to provisions of subsection (3).

(3)

Provisions of precceding subsections (1)

and (2) shall apply subject to following modifications:—

(a)

every reference to the year of assessment in any such provision of the Inland

Revenue Act, shall be deemed to be a reference to the “relevant quarter” in this Act;

(b)

every reference to assessable income or taxable income in any such provision

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of the Inland Revenue Act, shall be deemed to be a reference to the “liable turnover” in this Act;

(c)

every reference to income tax in any such provision of the Inland Revenue

Act, shall be deemed to be a reference to the tax charged and levied in terms of the provisions of this Act;

(d)

return for any relevant quarter under this

Act shall be furnished on or before the twentieth day of the month commencing immediately after the expiry of such quater; and

(e)

no assessment or additional assessment shall be made under this Act in respect of any person—

(i)

who has furnished a return for the relevant quarter in the year of assessment on or before the date referred to in paragraph (d) of this subsection, after the expiry of eighteen months for any period prior to April 1, 2018 and after the expiry of thirty months for any period commencing on or after April 1, 2018 from the thirtieth day of November of the year of assessment immediately succeeding the year of assessment in which such relevant quarter falls; or

(ii)

who has failed to furnish a return on or before such date as is referred to in paragraph (d) of this subsection, after the expiry

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of four years from the thirtieth day of November of the year of assessment immediately succeeding the year of assessment within which such relevant quarter falls.”.

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