16. Section 31 of the principal enactment as amended by Act, No. 16 of 1996, is hereby further amended as follows :-
| (1) in subsection (2) of that section"
| | (a) in paragraph (q) of that subsection, by the substitution, for the words and figures "Tax Amnesty Act, No. 5 of 1978.", of the words and figures "Tax Amnesty Act, No. 5 of 1978 ; " ; | | |
| | (b) by the addition immediately after paragraph (q) of that subsection of the following paragraphs :"
| | | (r) any sum invested by any individual, on or after November 6, 1997 but on or before March 31, 1999, in the purchase of any ordinary share, other than any existing share in any company, the shares of which are quoted as at March 31, 1999 in any official list published by any Stock Exchange licensed by the Securities and Exchange Commission of Sri Lanka; |
| (s) any sum invested by any person on or after November 6, 1997 but before April 1,2000, in the purchase of any ordinary share other than any existing share, in any company"
|
| (t) any sum invested, on or after April 1, 1998, but prior to March 31,2000 by any person in the purchase of any ordinary share, other than any existing share, in any company referred to in-
|
|
|
|
| (2) in subsection (5E) of that section-
| | (i) in paragraph (a)"
| | | (a) by the substitution in paragraph (i), for the words and figure and letters "paragraphs (b), (c), (m). (n) and (q) of subsection (2),", of the words and figure and letters "paragraphs (b), (c), (m), (n), (q), (r), (s) and (t) of subsection (2) ;" ; |
| (b) by the substitution in sub-paragraph (iii), for the words "such assessable income ; and", of the words "such assessable income ; " ; |
| (c) by the insertion, immediately after sub- paragraph (iii) of that subsection of the following sub-paragraphs :"
|
|
| | (ii) in paragraph (b), by the substitution for the words and letters "paragraphs (b), (c), (m) and (n) of", of the words and letters "paragraphs (b), (c), (m), (n) and (t) of". | | |
|
|
| (3) in subsection (6) of that section"
| | (a) by the substitution, in paragraph (i) of that subsection for the words "in any year of assessment ; or", of the words "in any year of assessment; | | |
| | (b) by the substitution, in paragraph (ii) of that subsection for the words and letters "in paragraph (q) of, of the words and letters "in paragraph (q) or (s) of ; | | |
|
|
| (4) by the insertion, immediately after subsection (7A) of that section of the following subsection :"
| | "(7AA) 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 share in any company, sells such share or withdraws, realizes or receives any money in respect of such share, and purchase other ordinary shares in respect of which he is entitled to a deduction from his assessable income under that subsection, the deduction from income tax to which he is entitled to in respect of the second-mentioned purchase of shares shall be reduced by the amount of the deduction from income tax to which he was entitled in consequence of the first-mentioned purchase of shares.". | | |
|
|
|
Sri Lanka Consolidated Acts