නිල පරිවර්තනයවෙනස් නොකළ පාඨය, Department of Government Printing වෙතින්
The following new sub-heading and new section are hereby inserted immediately after section 105 in Chapter
XI of the principal enactment and the section shall have effect as section 105A of that enactment:-
“M - ISLAMIC FINANCIAL TRANSACTIONS.
105A. (1) The profits and income arising from any Islamic financial transaction relating to any Islamic financial instrument shall be treated for tax purposes under the provisions of the Act, as hereinafter provided in this section.
Profits and income arising from
Islamic financial transactions are taxed.
(2)
The Profits and income arising to any person or partnership out of any Islamic financial transaction shall, where such transaction is similar or equivalent in substance, to any conventional financial transaction under the provisions of the Act, be subject to tax in similar manner as such conventional financial transaction is taxed under the Act.
(3)
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 profit and income arising out of any Islamic financial transaction.”.