2. Section 4 of the Inland Revenue Act, No. 28 of 1979 (hereinafter referred to as the "principal enactment") is hereby amended as follows : -
| (1) by renumbering that section as subsection (1) of that section; |
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| (2) by the substitution, for paragraph (d) of the renumbered subsection (1), of the following paragraph: -
| | (d) the rental value of any place of residence provided rent free by the employer or where a place of residence is provided by an employer at a rent less than the rental value, the excess of the rental value over such rent. | | |
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| (3) by the addition, after the renumbered subsection (1), of the following subsection :
| | (2) For the purposes of this section, "the value of any benefit", in relation to an individual who has received, or derived such benefit, means -
| | | (a) where the market value of such benefit can be readily ascertained, such market value ; and |
| (b) where the market value of such benefit cannot be readily ascertained, or such benefit has no market value, the cost that would have to be incurred by any other individual to obtain such benefit: |
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Sri Lanka Consolidated Acts