12. 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.

Section 25C of the principal enactment is hereby amended as follows:-

(1)

in subsection (1) of that section, (a) by the substitution for the words “interest of economy by Order” of the words “interest of economy and maintaining the uniformity of allowable depreciation by Order”;

(b)

by the repeal of the proviso to subsection (1)

and the substitution therefor of the following new proviso:-

“Provided however,

(a)

for any taxable period commencing prior to January 1, 2017, where the amount of profits for each taxable period cannot be accurately ascertained, such amount may be estimated on the basis of available information. 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; and

(b)

for any taxable period commencing on or after January 1, 2017, where the amount of profits cannot be accurately ascertained for monthly payments, such amount may be estimated on the basis of available information, and every registered specified institution or any other person shall furnish an interim estimate of the profits in the specified form in respect of each six months period of the taxable period before the twentieth day of the succeeding month of the each such six months period.

(2)

in subsection (3) of that section by the repeal of paragraphs (d) and (e) of that subsection and the substitution therefor of the following:–

“(d)

commencing from January 1, 2011, but prior to January 1, 2015 shall be twelve per centum;

(e)

commencing from January 1, 2015, but prior to May 2, 2016 shall be eleven per centum;

and

(f)

commencing from May 2, 2016, shall be fifteen per centum.”.

(3)

in subsection (5) of that section –

(a)

by the substitution in paragraph (gg) thereof for the words “the profits or income arising to” of the words “the profits or income, not being profit from a business, arising to”;

(b)

by the insertion of the following at the end of that subsection:-

“For the purposes of this subsection, the expression “A person who is not registered with the Central Bank of Sri Lanka, but providing services similar to the services provided by a finance company” includes, any person or body of persons, corporate or unincorporated, whose business or part of whose business consists in the acceptance of money by way of deposit, debenture or bond or in any other form, and on the payment of interest, profit or discount thereon, whether such acceptance is on its own behalf or on behalf of any other person or provision of loans for the receipt of interest.”.

Read on from s 13