4. Section 5 of the principal enactment amended by Act No. 11 of 1998 is hereby further amended as follows :-
| (1) in subsection (8) of that section, by the substitution, for the words of the following ;- |
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| (2) by the repeal of subsection (9) of that section, and the substitution therefor, of the following subsection :"
| | "(9) The value of supply of land and improvements thereon, shall be the value of such supply less the value of the land at the time of supply and the value of any improvements on the land as at March 31, 1998 which shall not be less than the open market value of such supply excluding the value of such land at the time of supply and the value of any improvements on such land as at March 31, 1998."; | | |
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| (3) by the repeal of subsection (11) of that section, and the substitution therefor of the following subsection :"
| | (11) The value of a supply, under any non-reviewable agreement not being a hire purchase agreement entered into prior to the appointed date, shall be the total amount payable or paid under such agreement for any taxable period and shall be considered as a tax inclusive consideration.". | | |
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Sri Lanka Consolidated Acts