Debits Tax (Amendment) Act 2007

This Act may be cited as the Debits Tax (Amendment)

Act, No. 12 of 2007.

The Debits Tax Act, No. 16 of 2002 (hereinafter referred to as “the principal enactment”) is hereby amended by the substitution for the words “commercial bank or a specialized bank” wherever such words appear in that Act, other than in section 5, subsection (2) of section 6, subsection (2) of section 9, subsection (2) of section 10, subsections (1) and (2) of section 14, subsection (1) of section 15 and subsection (2) of section 18 thereof, of the words “commercial bank, specialized bank or a finance company”.

Section 2, section 3, section 4, subsection(1A) of section 9, paragraphs (b), (c) and (e) of subsection (1) of section 13 and subsection (4) of section 13 of the principal enactment are hereby amended in paragraph (a) of each of those sections, by the substitution for the words “commercial bank” of the words “commercial bank or specialized bank”.

Section 19 of the principal enactment is hereby amended as follows :—

in the definition of the expression “current account”, by the substitution for the words “a resident foreign currency account, an account in a foreign currency banking unit and a share investment external rupee account” of the words “a Resident Foreign Currency

in the definition of the expression “savings account”, by the substitution for the words “which is maintained at a licensed commercial bank or a licensed specialized bank” of the words “which is maintained at a licensed commercial bank, a licensed specialized bank or a finance company”.

In the case of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.