Inland Revenue (Amendment) Act (No. 49 of 1991)

Sri Lanka Consolidated Acts

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Inland Revenue (Amendment) Act (No. 49 of 1991) - Sect 2

Amendment of section 8 of Act No.28 of 1979

2. Section 8 of the Inland Revenue Act, No. 28 of 1979 (hereinafter referred to as " the principal enactment") is hereby amended as follows:"

(1) in paragraph (a) of that section"

	(a) by the substitution, in sub-paragraph (Lviii), of that paragraph for the words ''International Committee of the Red Cross ; and ", of the words " International Committee of the Red Cross ; " ;

	(b) by the substitution, in sub-paragraph (LIX) of that paragraph for the words and figures "Institute of Policy Studies of Sri Lanka Act, No. 53 of 1988.", of the words and figures Institute of Policy Studies of Sri Lanka Act. No. 53 of 1988 ;" ;

"(LX) the Credit Information Bureau of Sri Lanka established by the Credit Information Bureau of Sri Lanka Act, No. 18 of 1990, for any year of assessment commencing on or after April 1, 1991; and

(LXI) Rubber Research Board established under the Rubber Research Ordinance, for any year of assessment commencing on or after April 1, 1991. " ; and

(2) in paragraph (c) of that section"

(a) by the substitution for sub-paragraph (iv) or that paragraph of the following sub-paragraph :"

" (iv) a foreign currency banking unit from all off-shore transactions of the unit. For the purposes of this sub-para graph any foreign currency transaction which any foreign currency banking unit enters into, on or after April 1, 1991, with any other foreign currency banking unit, shall be deemed to be an off-shore transaction ; " ;

(b) by the addition immediately after sub-paragraph (iv) of that paragraph of the following sub-paragraph: "

" (v) a foreign currency banking unit arising on or before March 31, 1991 . from such on-shore foreign currency transactions of the unit as may by approved by the Minister having regard to the foreign exchange benefits that are likely to accrue to the country from such transactions ; ".

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