119.
| (1) Subject to the other provisions of this Part of this Act, there shall be charged for every year of assessment commencing on or after October 1, 1963, from every person who carries on in any place in Ceylon the business of a manufacturer or any other business a tax (hereafter in this Part of this Act referred to as the " business turnover tax ") in respect of the turnover made by that person from that business computed at such rate as the Minister may fix by Order published in the Gazette. |
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| (2) The rate of the business turnover tax in respect of any class or description of business may, from time to time, be varied by the Minister by Order published in the Gazette. |
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| (3) Every Order under subsection (1) or subsection (2) shall come into force on the date of its publication in the Gazette or on such later date as may be specified in the Order and shall be brought before the House of representatives within a period of three months from the date of the publication of such Order in the Gazette, or, if no meeting of the House of Representatives is held within such period, at the first meeting of the House of Representatives held after the expiry of such period, by a motion that such Order shall be approved. There shall be set out in a schedule to every such motion the text of the Order to which the motion refers. |
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| (4) Any Order under subsection (1) or subsection (2) which the House of Representatives refuses to approve shall, with effect from the date of such refusal, be deemed to be revoked but without prejudice to the validity of anything done thereunder. Notification of the date on which any such Order is deemed to be revoked shall be published in the Gazette. |
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| (5) The maximum amount of the business turnover tax charged from any person for any year of assessment in respect of the business carried on by him shall in no case exceed eighty per centum of the profits or income of that person from that business as ascertained under the provisions of Chapter II of the Inland Revenue Act, No. 4 of 1963, before making the deduction allowable under section 157 of this Part of this Act or, where the Inland Revenue Act does not apply to such person, eighty per centum of the profits or in come of such person from that business as ascertained under the provisions of Chapter II of the last-mentioned Act before making the deduction allowable under section 157 of this Part of this Act as though the Inland Revenue Act were applicable to him, and accordingly such person shall be entitled to a refund of the sum so paid by him as business turnover tax in excess of such maximum amount. |
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*1st January, 1964-Gazette Extraordinary No. 13,868 of 24th December, 1963. |
Sri Lanka Consolidated Acts