25. Section 22 of the principal enactment as last amended by Act no 26 of 2000 is hereby amended as follows :-
| (1)in subsection (1) of that section by the substitution for the words "as may be specified in the Act" of the following:
| | "as may be specified in this Act : | | |
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| (2)in the proviso to subsection (4) of that section by the repeal of paragraph (c) of that proviso and the substitution therefor of the following:-
| | "(c) there is in excess of input tax, in any taxable period, in the case of a registered person who has entered into an agreement with the Board of Investment of Sri Lanka and that taxable period, falls within the period referred to in item (xxvii) of the Schedule or with the project implementation period as stipulated in any agreement referred to in item (xxviii) of the Schedule or up to the commencement of commercial activities whichever is earlier; or " ; | | |
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| (3) by the insertion, immediately after subsection (6) of that section, of the following subsection :-
| | "(6A) Notwithstanding anything contained in subsection (3) and paragraph (ii) of subsection (5) and item (xxvi) of the Schedule to this Act, credit for input tax shall be allowed in respect of a registered person who is engaged in the business of distribution of power where such power is purchased by the supplier of power from the Ceylon Electricity Board established under the Ceylon Electricity Board Act, No. 17 of 1969.". | | |
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Sri Lanka Consolidated Acts