12. Section 31 of the principal enactment is hereby amended as follows: -
| (1) in subsection (1) of that section by the substitution, for the expression" subsection. (5) ", of the expression "subsection (5) and subsection (5A) " ;
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| (2) in paragraph (k) of subsection (2) of that section by the insertion immediately after sub-paragraph (vii) of that paragraph, of the following sub-paragraph:
| | (viii) the Sri Lanka Institute of Printing, established by the Sri Lanka Institute of Printing Act, No. 18 of 1984. ";
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| (3) in paragraph (0) of subsection (2) of that section by the substitution, for the words" an individual", of the words" a resident individual", and for the words" of an unmarried child under twenty-five years of age ", of the words" of a married or an unmarried child under thirty years of age " ; |
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| (4) by the substitution, for subsection (5) of that section of the following subsection:
| | (5) the deduction from the assessable income of
| | | (a) any person other than a company, for the year of assessment commencing on April 1, 1979, and for each of the five years of assessment immediately succeeding that year of assessment, and |
| (b) any -company for any year of assessment commencing on or after April 1, 1979, |
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| (5) by the insertion, immediately after subsection (5) of the following subsection : -
| | "(5A) The deduction from the assessable income of any person other than a company, for any year of assessment commencing on or after April 1985
| | | (i) in respect of all qualifying payments o her than those referred to in paragraphs (b), (c), (m) and (n) of subsection (2) made by him or deemed to have been made by him, in that year of assessment, shall not exceed one-third of such assessable income or five hundred thousand rupees, whichever is less; |
| (ii) in respect of all qualifying payments referred to in paragraphs (c), (m) and (n) of sub", section (2) made by him or deemed to have been made by him shall hot exceed five hundred thousand rupees; |
| (iii) in respect of the aggregate of the qualifying payments referred to in paragraphs (i) and (ii) shall not exceed five hundred thousand rupees. " ; |
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| (6) by the insertion, immediately after subsection (7) of that section, of the following subsection : -
| | " (7 A) Where any person who is entitled to a deduction from his assessable income of an allowance under subsection (1) in respect of the purchase of any shares in any company, has sold such shares and has, within three months of the date of such sale, purchased other ordinary shares in respect of Which he is entitled to a deduction from his assessable income under that subsection, the reduction from income tax to which he is entitled to in consequence of the second-mentioned purchase of shares shall be reduced by the amount of the reduction from income tax to which he was entitled to in consequence of the first-mentioned purchase of shares. " ; | | |
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| (7) in subsection (8) of that section by the substitution for the words" in paragraph (d) ", of the words "in paragraphs (d) and (m) " ; and |
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| (8) in sub-paragraph (i) of paragraph (b) of subsection (9) of that section by re-lettering of item (e) as item (f) and the insert on, immediately before the re-lettered item of the following item :
| | " (e) carrying on an industrial undertaking for the production or manufacture of goods or commodities being an undertaking which -
| | | (i) commences its production or manufacture in an area which is specified as an area of high unemployment by the Minister, by notice published in the Gazette; and |
| (ii) employs more than twenty-five persons ; or ".
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Sri Lanka Consolidated Acts