3. Section 11 of the principal enactment is hereby amended as follows: -
| (1) by the repeal of subsections (1) and (2) of that section and the substitution therefor of the following new subsections: - '
| | ' (1) Any resolution under section 10 imposing export duty-
| | | (a) may impose upon any goods duty at rates varying in accordance with fluctuations in the world market price of the goods; and |
| (b) may provide for the estimation from time to time by the Collector of the amount which shall be deemed, for the purposes of the application of the resolution, to be the world market price of the goods to which it applies. |
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| | (2) Where in terms of subsection (1) of this section export duty on any goods is imposed by any resolution at rates differing in accordance with fluctuations in the world market price of the goods, the following provisions shall have effect in relation to contracts for the exportation of such goods entered into by a seller in Sri Lanka (hereinafter referred to as " the exporter ") and a buyer overseas: -
| | | (a) the exporter may make application to the Collector for the registration of the contract, specifying in the application-
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| (b) any such contract may be registered by the Collector subject, however, to the provisions of subsections (3) and (4); |
| (c) where any such contract is registered, then, notwithstanding anything in the resolution imposing export duty upon such goods, export duty shall be charged, levied and paid, on all goods proved to the satisfaction of the Collector to be exported during the proposed period of exportation in fulfilment of the contract, at the rate which would have been applicable if the goods had been exported on the date of the application for the registration of the contract."; |
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| (2) by the repeal of subsection (5) of that section and the substitution therefore, of the following new subsection: -If the sum ordered to be paid under the preceding provisions of this subsection in respect of any contract shall exceed the total sum deposited under subsection (4) in respect of that contract or, as the case may be, the total sum specified in the bond executed in terms of that subsection in respect of that contract, the Collector shall make further order declaring that the sum representing the difference between the amount so ordered to be paid, and the amount furnished as deposit or for the payment of which the exporter has furnished to the Collector a bond executed in terms of the same subsection shall be paid by the exporter within the period stipulated in that order; and it shall be lawful for the officers of customs to refuse to pass any goods belonging to the exporter until the said sum is paid. | | "(5) In any case where a contract has been registered as provided in subsection (2) and it is found on the date of the expiration of the proposed period of exportation that the contract remains wholly or partly unfulfilled, then, if the lowest rate of duty which prevailed during the proposed period of exportation under the resolution passed in terms of subsection (1) (hereinafter referred to as the " new rate ") is lower than the rate which prevailed thereunder on the date of the application for the registration of the contract (hereinafter referred to as the " old rate ")-
| | | (a) the Collector shall make an assessment of the amount which would have been payable as export duty at the old rate on the quantity of the goods in respect of which the contract remains unfulfilled and an assessment of the amount which would be payable as export duty at the new rate on the said quantity; and |
| (b) the Collector shall make order declaring that a sum representing the difference between the two amounts so assessed shall be made good out of the deposit made by the exporter under subsection (4) in respect of the contract, or, as the case may be. be paid by the bank by which the bond was executed in terms of that subsection in respect of the contract. |
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| (3) in subsection (13) of that section by the omission of the definition of " Collector "; and |
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| (4) by the repeal of subsections (14) and (15) of that section. |
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Sri Lanka Consolidated Acts