7. Section 23 of the principal enactment is hereby amended in paragraph (eee) of subsection (1) of that section as follows :
| (1) in sub-paragraph (ii) of that paragraph, by the substitution, for the words and figures " acquired by such person on or after April 1, 1987 and arising out of its use,", of the words and figures " acquired by such person on or after April 1,1987, but prior to April 1, 1993, and arising out of its use," ; |
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| (2) by the insertion, immediately after sub-paragraph (ii) of that paragraph, of the following sub-paragraph:
| | " (iia) any motor vehicle, lorry, bus, tractor, trailer, or office furniture acquired by such person on or after April 1, 1993 and arising out of its use in any trade, business, profession or vocation, carried on or exercised by him, at the rate of sixteen and two-third per centum per annum on its cost of acquisition ;"; | | |
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| (3) in sub-paragraph (iii) of that paragraph, by the substitution, for the words and figures "construction of which was completed on or after April 1, 1987' and arising out of its use,", of the words and figures " construction of which was completed on or after April 1, 1987 but prior to April 1, 1993, and arising out of its use," ; |
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| (4) by the insertion, immediately after sub-paragraph (iii) of that paragraph, of the following sub-paragraph:
| | " (iiia) any qualified building constructed by such person the construction of which is completed on or after April 1, 1993 and arising out of its use in any trade, business, profession or vocation carried on or exercised by him, at the rate of six and two-third per centum per annum on its cost of construction; "; | | |
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| (5) in sub-paragraph (iv) of that paragraph, by the substitution, for the words and figures " acquired by such person on or after April 1, 1987 and arising out of its use ", of the words and figures " acquired by such person on or after April 1, 1987 but prior to April 1, 1993 and arising out of its use;"; |
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| (6) by the insertion immediately after sub-paragraph (iv) of that paragraph, of the following sub-paragraph :
| | " (iva) any unit of non-residential accomodation comprised in a registered Condominium Property within the meaning of the Apartment Ownership Law, No. 11 of 1973. acquired by such person on or after April 1, ~ 1993 and arising out of its use in any trade, business, profession or vocation carried on or exercised by him, at the rate of six and two-third per centum per annum on its cost of acquisition:". | | |
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| (7) in the proviso to that paragraph, by the substitution, for the words and figures " referred to in sub-paragraph (i) or sub-paragraph (ii) or sub-paragraph (iii) or sub-paragraph (iv) of this paragraph,", of the words and figures " referred to in sub-paragraph (i) or sub-paragraph (ii) or sub-paragraph (iia) or sub-paragraph (iii) or sub-paragraph (iiia) or sub-paragraph (iv) or sub-paragraph (iva) of this paragraph,". |
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Sri Lanka Consolidated Acts