10. Insertion of new section 25j in the principal enactment

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

The following new section is hereby inserted immediately after section 25I and shall have effect as section 25J of that enactment :—

25J. (1) The values of supplies from any

Islamic Financial Transaction shall be chargeable to tax in terms of the provisions of this Act.

(2)

The Commissioner-General of Inland

Revenue shall in order to determine the extent of liability to tax of any particular Islamic

Financial Transaction, issue, from time to time, such rules and guidelines as may be required for the purpose of—

(a)

identifying the circumstances which would amount to an Islamic Financial

Transaction ; and

(b)

ascertaining the value of supplies arising out of any

Islamic

Financial

Transaction.”.