2. Amendment of section 2…

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

Section 2 of the Value Added Tax Act, No. 14 of 2002

(hereinafter referred to as the “principal enactment”) is hereby amended in subsection(3) of that section as follows :—

(1)

in the first proviso to that subsection—

(a)

in paragraph (b) of that proviso by the substitution for the words “any fabric imported by any person, for the purpose of manufacture of garments for export”, of the words “any fabric imported by any person for the purpose of manufacture of garments for export” ;

(b)

in paragraph (e) of that proviso by the substitution for the words “any ship;”, of the words “any ship imported on or before

December 31, 2002 :” ;

(2)

in the second proviso to that subsection—

(a)

in sub-paragraph (ii) of paragraph (a) of that proviso by the substitution for the word and figure “subsection (6)”, of the word and figure

“subsection (7) ” ;

(b)

by the substitution for the words from “subject to the furnishing of a bank guarantee”, to the end of that proviso of the following :—

“(c)

any ship imported on or after January 1, 2003, for a period upto thirty six 2—H 017469— 6,650 (12/2002)

months, from the date of such import and such deferred amount shall be settled in quarterly installments before the expiration of such period of thirty six months.

The deferment of the payment of tax shall be subject to a furnishing of a bank guarantee or a corporate gurantee which covers the amount of tax due on the goods imported, received or purchased. In the case of such deferment under paragraph (b) no gurantee shall be required where such goods have been imported by a Government institution to be re-exported within one month from the date of importation.”.

Read on from s 3