187.
| (1) The Inland Revenue Act, No. 28 of 1979, shall not apply to any income tax. for any year of assessment commencing on or after April 1,2000, |
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| (2) Where the whole or any part of the profits and income of a person are exempt from income tax,, under any provision of the Inland Revenue Act, No. 28 of 1979, for a period specified in that provision, and there remains on March 31, 2000, in relation to any person, an unexpired part of any such period, the whole or part, as the case may be, of the profits and income for which would, but for the provisions of subsection (1), have been exempt from income tax, the whole or part, as the case may be, of the profits and income of that person for that part of that period shall, notwithstanding anything in subsection (1), continue to be exempt from income tax as if such provision continued to have application : |
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| (3) Where any provision of the Inland Revenue Act. No 28 of 1979 provides for the deduction or"
| | (a) any loss in ascertaining the assessable income, | | |
| | (b) any allowance in ascertaining the taxable income, | | |
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| (4) The allowance lot depreciation, in respect of any capital asset acquired prior to April 1, 2000 or any qualified building constructed prior to April 1, 2000 shall, notwithstanding the non application referred to in subsection (1), be computed in accordance with the respective provisions of the Inland Revenue Act. No 28 of 1979. |
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| (5) Any undertaking company, public corporation, institution or any fund approved by the Minister or any accountant or any individual (for the purposes of definition of authorized representative ) or any provident or pension fund approved by the Commissioned General under any provision of the Inland Revenue Act, No 28, of 1979 shall be deemed to have been and to be approved by the Minister or by the Commissioner-General as the case may be, under the respective provisions of this Act |
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Sri Lanka Consolidated Acts