As enacted

Contents

Ports and Airports Development Levy Act 2011 · As enacted · Part I · Imposition of Ports and Airports Development Levy

3. Manner of calculating the levy

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

(1)

The levy to be charged and levied in respect of the cost, insurance and freight value of any article referred to in section 2 shall be calculated, at the rate of 5.0

percentum, for the period commencing on January 1, 2011.

(2)

With effect from January 1, 2011, no levy shall be charged in respect of the cost, insurance and freight value of any article imported into Sri Lanka—

(a)

for the purpose of processing and re-export; or

(b)

to be used for the manufacture of goods for exports.

(3)

The Minister may, from time to time having regard to the interests of the national economy, by Order published in the Gazette—

(a)

exempt from the operation of the above levy, any article specified therein; or

(b)

specify a concessionary rate to be charged and levied in respect of any article or articles specified therein.

(4)

Every Order, made in terms of subsection (3) by the

Minister shall—

(i)

be in operation immediately upon the Minister affixing his signature thereto;

(ii)

be published in the Gazette as soon as convenient;

(iii)

be approved by resolution of Parliament as soon as convenient thereafter; and

(iv)

if not approved by Parliament, be deemed to be rescinded with effect from the date of such resolution.”.

Read on from s 4

Part II

Amendment of Part I of the Finance Act…

Read on from Part II