19. Section 49 of the principal enactment is hereby amended as follows:
| (1) by the repeal of subsection (1) of that section and the substitution therefor of the following subsection : -
| | (1) The value of any immovable property Shall
| | | (a) for the year of assessment commencing on April 1, 1979, and for each of the four years of assessment immediately succeeding that year of assessment, be its market value on the first day of such year of assessment; and |
| (b) for any year of assessment commencing on or after April 1, 1984, be its market value on the last day of such year of assessment : |
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| | (2) by the repeal of paragraph (a) of subsection (2) of that section and the substitution therefor, of the following paragraph :
| | | "(a) the market value of any movable property shall -
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| | (3) by the substitution in paragraph (b) of subsection (2) of that section for the words" on the first day of the year of assessment after deducting therefor ", of the words" on the first day of the year of assessment in respect of the year of assessment commencing on or after April 1, 1979, and each of the four years of assessment next succeeding that year of assessment and on the last day of the year of assessment in respect of any year of assessment commencing on or after April 1, 1984, after deducting therefrom ". | | |
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Sri Lanka Consolidated Acts