10. The following new section is hereby inserted immediately after section 32C, and shall have effect as section 32D of the principal enactment:-
| 32D.
| | (1) The provisions of this section shall apply to any interest or discount on any treasury bill of the Government of "Sri Lanka held by the Central Bank of Sri Lanka (in this section referred to as the " relevant interest or discount").
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| | (2) Notwithstanding anything to the contrary in any other law-
| | | (a) the relevant interest or discount shall be deemed to be the income of the Central Bank of Sri Lanka arising to it in the year of assessment in which any such bill as is referred to in subsection(1)-
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| (b) the Government of Sri lanka or any institution or authority for or on behalf of the Government, shall on or after April 1, 1989, and at the time when such bill matures or is purchased as the case may be, deduct from the interest, or discount on such treasury bill, income tax at the rates set out hereunder and shall remit the tax so deducted to the Commissioner-General with a statement in writing showing the particulars of the gross amount of the relevant interest or discount payable, the tax deducted, and the net amount paid, and the amount so remitted shall be set off against the tax payable by the Central Bank of Sri Lanka, under paragraph (a). |
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Sri Lanka Consolidated Acts