12. Amendment of section 25A of the principal enactment

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

Section 25A of the principal enactment as last amended by the Value Added Tax (Amendment) Act, No.7 of 2012 is hereby further amended as follows:-

(1)

in paragraph (iv) of subsection (1) of that section, by the substitution for the words and figures

“commencing on or after January 1, 2009:” of the words

“commencing on or after January 1, 2009, or the Central

Bank of Sri Lanka established by the Monetary Law

Act, (Chapter 422) (with effect from July 1, 2003):”

(2)

by the repeal of subsection (2) of that section and the substitution therefor of the following:-

“(2) Every specified Institution or other person, carrying on the business of supplying of any financial services in Sri Lanka, shall be required to be registered :-

(a)

where the value of such supply for a period of three months exceeds five hundred thousand rupees or for a period of twelve months one million eight hundred thousand rupees, as the case may be, if such registration has taken place for any period prior to January 1, 2013;

(b)

where the value of such supply for a period of three months exceeds three million rupees or for a period of twelve months exceeds twelve million rupees, as the case may be, if such registration has taken place for any period on or after January 1, 2013.”.

(3)

by the repeal of subsection (3) of that section and the substitution therefor of the following:-

Act, No. 17 of 2013

“(3) Every specified institution or other person required to be registered under subsection (2), shall make an application for registration in the specified form to the Commissioner-General not later than thirty days from the date of completion of the requirements specified in subsection (2):

Provided that, any institution registered under this

Act and which is also a specified institution within the meaning of this Chapter, shall be deemed for all purposes to be a specified institution registered under this Chapter:

Provided further, the Commissioner-General shall register any person who has not made an application for registration under this Chapter if the Commissioner-General having regard to the nature of the activities carried on or carried out by such person, is of opinion that such person is required to be registered under this Chapter. In the circumstances such person shall be afforded an opportunity of being heard prior to being registered under this Chapter and register such person accordingly with effect from such date as may be determined by the Commissioner-General.”.

(4)

by the addition immediately after subsection (4) thereof, of the following new subsection:-

“(5) Every registered person shall notify the

Commissioner-General in writing of any change –

(a)

in the name, address and place at which any taxable activity is carried on or carried out by such person;

(b)

in the nature of the taxable activity carried on or carried out by such person;

(c)

in the person authorized to sign returns and other documents; and

Act, No. 17 of 2013

(d)

in ownership of the taxable activity, not later than fourteen days after the occurrence of such change.”.

Read on from s 13