Inland Revenue (Amendment) Act (No. 52 of 1998)

Sri Lanka Consolidated Acts

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Inland Revenue (Amendment) Act (No. 52 of 1998) - 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") as amended by Act, No. 24 of 1997, is hereby further amended as follow:-

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

	(a) by the substitution in subparagraph (XXIVA) of that paragraph for the words and figures "year of assessment commencing on or after April 1,1989, as consist of, of the words and figures "year of assessment commencing on or after April 1, 1989 but prior to April 1, 1997 and for the period commencing on April 1, 1997 and ending on December 31, 1997, as consists of " ;

	(b) in subparagraph (LXXIII) of that paragraph by the substitution for the words and figures "the Securities and Exchange Commission of Sri Lanka, Act, No. 36 of 1987", of the words and figures "the Securities and Exchange Commission of Sri Lanka, Act, No. 36 of 1987" ;

"(Lxxiv) the Bandaranaike Museum Committee incorporated under the Bandaranaike Museum Committee (Incorporation) Act, No. 28 of 1997" ;

(Lxxv) the Geological Survey and Mines Bureau established under the Mines and Minerals Act, No. 33 of 1992 ;

(2) in paragraph (e) of that section, by the substitution for the words, "(ii) approved by the Minister", of the words, "(ii) approved by the Minister;" ; and

(3) by the addition at the end of that section of the following paragraph :-

"(f) the profits and income"

(i) for any year of assessment, of any unit trust or mutual fund incorporated on or after December 01, 1996, if not less than seventy per centum of such profits and income are distributed to its unit holders before the expiry of one year from the end of that year of assessment;

(ii) for any year of assessment commencing on or after the day immediately succeeding the last day of the year of assessment at the end of which the period of seven years referred to in section 22 DDDD expires, of any unit trust or mutual fund referred to in that section, if not less than seventy per centum of such profits and income are distributed to its unit holders before the expiry of one year from the end of the first mentioned year of assessment".

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