4. Section 5 of the principal enactment amended by Act section 5 of the
கருத்துகள் மற்றும் உதவிஅதிகாரப்பூர்வ ஆங்கில மொழிபெயர்ப்பு. சிங்கள அல்லது தமிழ் உரையிலிருந்து வேறுபடும் இடங்களில் எந்த உரை மேலோங்கும் என்பதைச் சட்டமே குறிப்பிடுகிறது.
No. 11 of 1998 is hereby further amended as follows :—
principal enactment.
in subsection (8) of that section, by the substitution, for the words “shall not be less than the open market value”, of the following :—
“shall not be less than the open market value :
Provided however in the case of a hire purchase agreement—
where the cash price includes the tax charged on the seller of such goods by the supplier on which the seller cannot claim input credit, the cash price and the market value shall be adjusted by deducting the tax so charged on the seller ;
under which second hand goods, which have been in circulation for a period over one year, are supplied, the cash price and the market value of such goods shall be the value specified in the hire purchase agreement less any charge made for such hire purchase facility included in such agreement.”;
by the repeal of subsection (9) of that section, and the substitution therefor, of the following subsection :—
“(9) The value of supply of land and improvements thereon, shall be the value of such supply less the value of the land at the time of supply and the value of any improvements on the land as at
March 31, 1998 which shall not be less than the open market value of such supply excluding the value of such land at the time of-supply and the value of any improvements on such land as at March 31, 1998.”;
by the repeal of subsection (11) of that section, and the substitution therefor of the following subsection :—
“(11) The value of a supply, under any non-reviewable agreement not being a hire purchase agreement entered into prior to the appointed date, shall be the total amount payable or paid under such agreement for any taxable period and shall be considered as a tax inclusive consideration.”.