218.
| (1) The Inland Revenue Act, No. 38 of 2000 shall not apply to any income tax, for any year of assessment commencing on or after April 1, 2006. |
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| (2) Where the whole or any part of the profits and income of a person are exempt from income tax under any provisions of the Inland Revenue Act No. 38 of 2000 for a period specified in those provisions and there remains on March 31, 2000, in relation to any person, an unexpired part of any such period, the whole or part, as the case may be, of the profits and income which would but for the provisions of subsection (1) have been exempt from income tax, the whole or part, as the case may be, of the profits and income of that person for that part of the period shall, notwithstanding anything in subsection (1) continue to be exempt from income tax as if such provisions continued to have application: |
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| (3) Where the Board of Investment of Sri Lanka has entered into an agreement with an enterprise under section 17 of the Board of Investment of Sri Lanka Law No. 4 of 1978 prior to April 1, 2006 providing for the exemption of the whole or a part of the profits and income of that enterprise from income tax payable under the Inland Revenue Act No. 28 of 1979 or under the Inland Revenue Act, No. 38 of 2000, as the case may be, for a specified period, and there remains on March 31, 2006 an unexpired part of such specified period, the whole or part as the case may be, of the profits and income of that enterprise which but for the provisions of subsection (1) would have been exempt from income tax, shall be exempt from income tax payable under this Act, for such unexpired part of the specified period. |
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| (4) Where any provision of the Inland Revenue Act No. 28 of 1979 or of the Inland Revenue Act, No. 38 of 2000 provides for the deduction of-
| | (a) any loss in ascertaining the assessable income ; | | |
| | (b) any allowance in ascertaining the taxable income, | | |
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| (5)Where an individual pays on or after April 1, 2000 to the Government of Sri Lanka or to any institution referred to in paragraph (ee) of sub section (2) of section 31 of the Inland Revenue Act No. 28 of 1979 any amount -
| | (a) in the repayment of the capital of any loan ; or | | |
| | (b) as monthly payments of any rent purchase agreement, | | |
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| (6)The allowance for depreciation in respect of any capital asset acquired prior to April 1, 2000 or any qualified building constructed prior to April 1, 2000 shall, notwithstanding the non application referred to in subsection (1), be computed in accordance with the respective provisions of the Inland Revenue Act No. 38 of 2000. |
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| (7) Any undertaking, company, public corporation, institution or any fund approved by the Minister or any accountant or any individual (for the purposes of the definition of authorised representative) or any provident or pension fund approved by the Commissioner-General under any provision of the Inland Revenue Act No. 28 of 1979 or of the Inland Revenue Act, No. 38 of 2000, as the case may be, shall be deemed to have been and to be approved by the Minister or by the Commissioner-General as the case may be, under the respective provisions of this Act. |
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Sri Lanka Consolidated Acts