Sri Lanka Consolidated Acts

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Inland Revenue (Amendment) Law (No. 16 of 1976) - Sect 11

Amendment of section 16cc of the principal enactment

11. Section 16cc of the principal enactment is hereby amended by the repeal of subsection (1) of that section and the substitution therefor of the following new subsection: -
(1) In this section " approved investment " means -
(a) an approved investment within the meaning of section 68A made by a company or a body of persons;
(b) any sum invested in the purchase of ordinary shares, other than existing shares, in a company engaged solely in carrying on an undertaking which is considered by the appropriate Minister to be capable of exporting goods or commodities or of providing services for payment in foreign currency and is, at the request of such Minister, declared by the Minister in charge of the subject of Finance to be an approved undertaking for the purposes of this section; or
(c) any sum invested on or after April 1, 1975, in the purchase of ordinary shares, other than existing shares, in a company approved for the purposes of this section by the Minister and engaged solely -
(i) in the construction and sale of houses; or
(ii) in the development and sale of land for building purposes under any scheme approved by the Minister in charge of the subject of Housing; or
(iii) in the construction and sale of houses and in the development and sale of land for building purposes under any scheme approved by the Minister in charge of the subject of Housing; or
(iv) in carrying on an undertaking which is considered by the Minister to be essential for the economic progress of Sri Lanka; or
(d) any amount paid on or after April 1, 1974, by an individual to the Government or to any banking institution within the meaning of the Monetary Law Act, or to any local authority or to any other institution approved for the purpose by the Minister in charge of the subject of Housing -
(i) in the repayment of capital of any loan granted on or after April 1, 1973, for the construction of a house or for the purchase either of the first house or of the first site for the construction of a house purchased on or after that date ; or
(ii) as monthly payments in respect of any house let on or after April 1, 1973, on rent purchase terms; or
(e) any amount certified by the Commissioner of National Housing to have been spent by an individual on the construction of the first house which he commenced to construct on or after April 1, 1974, such amount not being an amount obtained on any loan from the Government or any institution or authority referred to in paragraph (d); or
(f) any amount spent by an individual on or after April 1, 1974, for the purchase of either the first house or the first site for the construction of a house purchased on or after that date, such amount not being an amount obtained on any loan from the Government or any institution or authority referred to in paragraph (d). '.

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