Value Added Tax (Amendment) Act 2013 · As enacted
14. Amendment of section 25C of the principal enactment
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
Section 25C of the principal enactment as last amended by the Value Added Tax (Amendment) Act, No.9 of 2011 is hereby further amended as follows:-
in subsection (1) of that section -
by the substitution in the proviso to that subsection, for the words “The estimated amounts shall be adjusted to reflect the actual amount on half yearly basis.” of the words “The estimated amounts shall be adjusted to reflect the actual amounts with the audited statement of accounts on yearly basis and such adjustment shall be submitted within six months after the closing date of the relevant accounting period.
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by the repeal of paragraph (a) and substitute the following :—
“(a) in the case of specified employees under
Chapter XIV of the Inland Revenue Act, No.
10 of 2006, the gross remuneration payable to such employees and reflected in the pay sheet maintained under section 119 of the
Inland Revenue Act, No.10 of 2006;” and
in subsection (2) of that section, by the substitution for the words and figures “under section 110 of the
Inland Revenue Act, No. 38 of 2000.” of the words and figures “under section 119 of the Inland Revenue Act,
No. 10 of 2006.”.
in subsection (5) of that section –
by the substitution in paragraph (a) thereof, for the words and figures “under item (xi) of the First
Schedule but taxable under this Chapter;” of the words and figures “under item (x) of paragraph (b) of PART II of the First Schedule but taxable under this Chapter;”;
by the substitution in paragraph (d) thereof, for the words “(d) the profit or income on interest arising or accrued from inter-company transactions” of the words “(d) the profit or income (not being profit from a business) on interest arising or accrued from inter-company transactions”;
by the substitution in paragraph (f) thereof, for the words “(f) the dividend income arising to any person,” of the words “(f) the dividend income
(not being profit from a business) arising to a person,”;
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by the repeal of paragraph (h) thereof and the substitution therefor of the following :—
“(h)
the profits or income (not being profits from a business) from the exchange of currency other than such profits or income arising or accruing to any person primarily engaged in the business or exchange of currency or any “specified institution” within the meaning of this Chapter or a person not registered with the Central Bank of Sri Lanka, but providing services similar to such services provided by a finance company, included in the profit calculated as specified in subsection (1) of this section shall be treated as zero.”;
by the repeal of subsection (8) thereof and the substitution therefor, of the following:-
“(8) Every specified institution or any other person shall for the purpose of the calculation of tax, submission of returns and information to be furnished relating to such return, payments of tax, issue of assessments, imposition of penalty for non-submission of the returns or the information required for the purpose of this Chapter, follow –
the guidelines specified by the Commissioner-General; and
the relevant guidelines specified in the Order published in the Gazette, having considered the uniform application of the calculation of the liability and any other matter specified in the guideline provisions of this Chapter.”.
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