7. In this Act, unless the context otherwise requires " commercial bank" means a licensed commercial bank within the meaning of the Banking Act, No. 30 of 1988 ; " Commissioner-General ", " foreign currency ", " net wealth", " profits and income ", " year of assessment " shall have the respective meanings assigned to them by the Inland Revenue Act, No. 28 of 1979 ; " Controller of Exchange" means the Controller of Exchange appointed under the Monetary Law Act ; ' designated foreign currency " means any of the following foreign currencies, that is to say, the United States Dollar, Sterling Pound, Deutsche Mark, Swiss Franc, Japanese Yen, Australian Dollar, Singapore Dollar, French Franc, Canadian Dollar, Danish Kroner, Netherland Guilder, Swedish Kroner and Hong Kong Dollar and includes any other foreign currency approved in writing by the Controller of Exchange; " Exchange Control Act" means the Exchange Control Act (Chapter 423) ; " foreign currency account" means an account in the Domestic Banking Unit of any commercial bank in Sri Lanka opened in accordance with the rules made by the Central Bank of Sri Lanka but does not include an account opened in the foreign currency banking unit of a commercial bank ; " person'' includes a company, a body of persons or a partnership; " relevant foreign currency " in relation to a person means foreign currency held on November 12, 1991 by such person outside Sri Lanka or foreign currency into which any movable or immovable property held by such person on November 12, 1991 outside Sri Lanka, has been converted and
| (A) being, or being attributable to, profits and income
| | (i) were derived by such person, or arose or accrued to him, during any period ending before November 12, 1991; and | | |
| | (ii) in respect of which no return has been furnished by him or has not been disclosed in any return furnished by him or has not been assessed to income tax, under the law for the time being applicable to the imposition of income tax ; and | | |
| | (iii) were chargeable with income tax under the law for the time being applicable to the imposition of income tax, | | |
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| (B) not being profits and income or attributable to profits and income, is attributable to property acquired by him outside Sri Lanka, by way of gift, donation, inheritance or otherwise, and in respect of which, no return has been furnished by him or has not been disclosed in any return furnished by him, under the Exchange Control Act; |
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" the law for the time being applicable to the imposition of income tax" means the Inland Revenue Act, No. 28 of 1979; " the law for the time being applicable to the imposition of surcharge on income tax " means the Surcharge on Income Tax Act, No. 26 of 1982, the Surcharge on Income Tax Act, No. 12 of 1984 and the Surcharge on Income Tax Act, No. 7 of 1989 ; " the law for the time being applicable to the imposition of wealth tax or surcharge on wealth tax " means the Inland Revenue Act, No. 28 of 1979, the Surcharge on Wealth Tax Act, No- 25 of 1982 and the Surcharge on wealth Tax Act, No. 8 of 1939 ; "turnover" and " quarter " shall have the respective meanings assigned to them by the Turnover Tax Act, No. 69 of 1981. |
Sri Lanka Consolidated Acts