As enacted

Contents

6. Interpretation

Official English translation. The Sinhala text prevails.

In this Act, unless the context otherwise requires–

“Commissioner-General” shall have the same meaning assigned to such expression under the Inland

Revenue Act, No. 24 of 2017;

“Company” shall have the same meaning assigned to such expression under the Inland Revenue Act,

No. 24 of 2017 but does not include any

Employees’ Trust Fund, Provident Fund, Pension

Fund, Pension Trust Fund, Gratuity or

Termination Fund including –

(a)

Employees’ Provident Fund established under section 2 of the Employees’ Provident Fund

Act, No. 15 of 1958;

(b)

Employees’ Trust Fund established under section 3 of the Employees’ Trust Fund Act,

No. 46 of 1980;

(c)

Ceylon Electricity Board Provident Fund and

Ceylon Electricity Board Pension Fund established under paragraph (j) of section 12

of the Ceylon Electricity Board Act, No. 17 of 1969;

(d)

Universities Provident Fund established under section 90 of the Universities Act, No. 16 of 1978;

(e)

Mercantile Service Provident Society established under section 3 of the Chamber of

Commerce Ordinance (Chapter 289);

( f ) Bank of Ceylon Provident Fund established by the Bank of Ceylon established under the Bank of Ceylon Ordinance (Chapter 397);

(g)

Hatton National Bank Employees’ Provident

Fund established by the Hatton National Bank

Public Limited Company incorporated under the

Companies Act, No. 7 of 2007;

(h)

People’s Bank Pension Trust Fund established under paragraph (l) of subsection (1) of section 5 of the People’s Bank Act, No. 29 of 1961;

(i)

Sri Lanka Central Bank Employees’ Pension

Fund established under paragraph (b) of section 10 of the Monetary Law Act

(Chapter 422)

( j) Sri Lanka Telecom Provident Fund established by the Sri Lanka Telecom Public Limited

Company incorporated under the Companies

Act, No. 7 of 2007;

(k)

National Insurance Trust Fund established under section 3 of the National Insurance Trust

Fund Act, No. 28 of 2006;

(l)

Bank of Ceylon Pension Trust Fund 2014

(Post 1996) established under the Trusts

Ordinance (Chapter 87); and

(m)

any provident fund or contributory pension scheme approved by the Commissioner of

Labour in terms of Part IV of the Employees’

Provident Fund Act, No. 15 of 1958;

“group of companies” means a holding company and its subsidiaries;

“holding company” means a company which as at the

Thirty First day of March 2021, owns more than fifty per centum of the shares with voting rights of another company, directly or indirectly, other than a holding company incorporated outside

Sri Lanka and not registered under Chapter XVIII of the Companies Act, No.7 of 2007;

“partnership” shall have the same meaning assigned to such expression under the Inland Revenue Act,

No. 24 of 2017;

“tax return” shall have the same meaning assigned to such expression under the Inland Revenue Act,

No. 24 of 2017;

“subsidiary” means a company in which as at the Thirty

First day of March 2021, more than fifty per centum of its shares with voting rights were owned by another company, directly or indirectly other than a subsidiary incorporated outside Sri

Lanka and not registered under Chapter XVIII of the Companies Act, No.7 of 2007 of a holding company incorporated outside Sri Lanka and not registered under Chapter XVIII of the Companies

Act;

“year of assessment” shall have the same meaning assigned to such expression under section 20 of the Inland Revenue Act, No. 24 of 2017.

Read on from s 7