Debits Tax (Amendment) Act (No. 5 of 2003)

Sri Lanka Consolidated Acts

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Debits Tax (Amendment) Act (No. 5 of 2003) - Sect 9

Amendment of section 9 of the principal enactment

9. Section 9 of the principal enactment is hereby amended as follows-

(1) in subsection (1)-

(a) by the substitution for all the words from "A commercial bank shall," to "current account setting out the following :- of the words "A commercial bank or specialised bank shall, when remitting the sums referred to in subsection (1) of section 6, furnish u statement to the Commissioner-General in respect of any current account or savings account maintained on behalf of a customer, oilier than a special current account, setting out the following : -

(b) by the substitution for paragraph (a) of that subsection of the following paragraph:-

"(a) the total amount of debits made from all current accounts and savings accounts maintained by that bank in respect of that month;";

	(c)by the omission of paragraph(b)of that subsection:

	(d)in paragraph(c) of that subsection by the substitution for the words "from all current accounts" of the words "from all current accounts and savings accounts";

	(e)in paragraph (e) of that subsection by the substitution for words "in each current account" and "relevant current account" of the words "in each current account and savings account" and "relevant current and savings account" , respectively:

(2) by the insertion immediately after subsection(1)of that section of the following new subsection:-

	(1A) A commercial bank shall, when remitting the sums referred to in subsection(1)of section 6, furnish a statement to the commissioner-General in respect of any special current account setting out the total amount of debits from all special current accounts maintained by that bank in respect of that month.

(1B) A commercial bank or specialized bank shall ,at the end of each month, furnish a statement to the commissioner-General setting out the following details in respect of its own transaction:-

(a) the total value of the debits in respect of debits tax liable transaction in a particular month;

(b) the sums withdrawn as debits tax for a particular month;

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