3. Amendment of section 5 of the principal enactment

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

Section 5 of the principal enactment is hereby amended as follows: -

(1)

in subsection (3) of that section, by the substitution for the words “as may be determined by the

Assessor.”, of the following:–

“as may be determined by the Assessor:

Provided however, where an employer has provided to his employees, meals free of charge or subsidized meals or transport free of charge or at a subsidized rate using a motor coach between the place of residence and work place of such employees, the value of such supplies or services shall be treated as zero for the period commencing on or after January 1, 2024.”;

(2)

by the addition immediately after subsection (15)

of that section, of the following: -

“(16) For the period commencing on or after

January 1, 2024, the value of supply of-

(i)

any reinsurance commission or any compensation received in foreign currency through a bank by any local insurance company from a reinsurer outside Sri Lanka; and

(ii)

any unused postage and revenue stamps of the Government of the Democratic

Socialist Republic of Sri Lanka or of a

Provincial Council, to the face value of such stamps, shall be treated as zero.”.

Read on from s 4