13of2007.pdf
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PARLIAMENT OF THE DEMOCRATIC
SOCIALIST REPUBLIC OF
SRI LANKA
FINANCE (AMENDMENT)
ACT, No. 13 OF 2007
[Certified on 11th April, 2007]
Printed on the Order of Government
Published as a Supplement to Part II of the Gazette of the Democratic
Socialist Republic of Sri Lanka of April 12, 2007
PRINTEDAT THEDEPARTMENT OFGOVERNMENTPRINTING,SRILANKA
TOBEPURCHASED AT THEGOVERNMENT PUBLICATIONSBUREAU,COLOMBO1
Price : Rs. 6.75 Postage : Rs. 5.00

Finance (Amendment) Act, No. 13 of 2007 1
[Certified on 11th April, 2007]
L.D.—O. 2/2007.
AN ACT TO AMEND THE FINANCE ACT, NO. 11 OF 2006 ; THE FINANCE
ACT, NO. 5 OF 2005 AND THE FINANCE ACT, NO. 11 OF 2002
BE it enacted by the Parliament of the Democratic Socialist
Republic of Sri Lanka as follows :—
1. This Act may be cited as the Finance (Amendment) Short title.
Act, No. 13 of 2007.
PART I
AMENDMENT OF THE FINANCE ACT, NO. 11 OF 2006
2. Part I of the Finance Act, No. 11 of 2006 (Motor Vehicle Amendment of
Concessionary Levy) (hereinafter in this Part referred to as the Finance Act,
No. 11 of 2002.
the “principal enactment”) is hereby amended in section 2
thereof, as follows :—
(1) by the re-lettering of paragraph (b) of subsection (1)
of that section as paragraph (b) (i) thereof ;
(2) by amending the re-lettered paragraph (b) (i) as
follows :—
(i) by the substitution for the words “from every
individual who,” of the words “for the period
commencing on March 31, 2006 and ending
on the date of commencement of this Act, from
every individual who,” ;and
(ii) by the substitution for the words “on the
aggregate of such taxes and levies.”, of the
words “on the aggregate of such taxes and
levies, where such individual has commenced
the importation process by the opening of a
Letter of Credit.”;
2 Finance (Amendment) Act, No. 13 of 2007
(3) by the addition immediately after the re-lettered
paragraph (b) (i) of the following paragraphs :—
“(ii) from and after the date of commencement of
this Act, from every individual who has not in
terms of paragraph (i) above availed himself
of the concession referred to therein, or every
individual who has paid in respect of any
period of five consecutive years of assessment,
commencing on April 1, 2001, income tax in
terms of the Inland Revenue Act, No. 38 of
2000 or the Inland Revenue Act, No. 10 of
2006, as the case may be, an amount not less
than rupees two hundred and fifty thousand
(250,000/-) in respect of each such year of
assessment and certified as such by the
Commissioner-General of Inland Revenue,
imports a motor vehicle falling within a
category of motor vehicles as may be
determined by the Minister by Order published
in the Gazette to be a permitted motor vehicle,
shall be required to pay at the time of
importation of such vehicle, the levy
calculated on the applicable rate from and out
of such rate or rates as may be determined by
the Minister by Order published in the
Gazette, of the aggregate of any tax or fiscal
levy which such individual is liable to pay in
terms of the Customs Ordinance (Chapter 235),
the Excise (Special Provisions) Act, No. 13 of
1989 and the Value Added Tax Act, No. 14 of
2002 ;
(iii) for the purpose of sub-paragraphs (i) and (ii)
of this paragraph, the expression “date of
commencement of this Act” means the date
on which Finance (Amendment) Act, No. 13
of 2007 comes into force.” ; and
Finance (Amendment) Act, No. 13 of 2007 3
(4) by the addition at the end of this section, of the
following new subsection :—
“(3) Any year of assessment which has once been
taken in to account in the calculation of the period
of five years, shall not be taken into consideration
in the calculation of a period of five years thereafter.”.
3. The amendment made to by this Act to paragraph (b) Retrospective
(i) of subsection (1) of section 2 of the principal enactment, operation.
shall for all purposes be deemed to have come into force on
March 31, 2006.
PART II
AMENDMENT OF PART III OF THE FINANCE ACT,
NO. 5 OF 2005
4. Part III (Construction Industry Guarantee Fund Levy) Amendment of
of the Finance Act, No. 5 of 2005, is hereby amended as Part III of the
Finance Act, No.
follows :— 5 of 2005.
(1) in section 14 of that Part, by the substitution for the
words “to the Institute for Construction Training an
Development (hereinafter referred to as “ICTAD”)”
of the words “to the Commissioner-General of Inland
Revenue”;
(2) in section 15 of that Part—
(a) by the substitution for the word “ICTAD” of
the words “the Commissioner-General of
Inland Revenue” ; and
(b) in the marginal note to that section, by the
substitution for the word “ICTAD”, of the
words “Commissioner-General of Inland
Revenue”;
4 Finance (Amendment) Act, No. 13 of 2007
(3) in section 17 of that Part, by the substitution for the
words “ICTAD shall maintain a record of all amounts
collected by it in relation” of the words, “the
Commissioner-General shall maintain a record of
all amounts collected in relation”;
(4) in section 18 of that Part, by the substitution for the
words “ICTAD shall maintain a record of all amounts
collected by it in relation” of the words, “the
Commissioner-General shall maintain a record of
all amounts collected in relation”;
(5) in section 19 of that Part, by the substitution in
subsections (2), (3), (4), (5) and (6) thereof, for the
words“ICTAD” wherever such word appears in such
subsections, of the words “the Commissioner-
General of Inland Revenue”;
(6) in section 20 thereof—
(a) by the insertion immediately before the
definition of the expression “construction
contractor” of the following definition :—
“Commissioner-General of Inland Revenue”
shall have the same meaning as in the
Inland Revenue Act, No. 10 of 2006 ;
and
(b) by the repeal of the definition of the
expression “the Institution for Construction,
Training and Development (ICTAD)”;
(7) in section 22 thereof, by the addition at the end of
that section of the following paragraph :—
“For the purposes of this section, “ICTAD”
means the Institution for Construction,
Training and Development, being an
industrial undertaking which is constituted
Finance (Amendment) Act, No. 13 of 2007 5
and established by Order made under section
3 of the State Industrial Corporations Act, No.
49 of 1957 and published in Gazette
Extraordinary No. 718/15 of June 10, 1992.”.
5. In case on an inconsistency between the Sinhala and Sinhala text to
Tamil texts of this Act, the Sinhala text shall prevail. prevail in case
of inconsistency.

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