3. Section 5 of the principal enactment, as last amended by Act No, 88 of 1971, is hereby further amended, in subsection (1) of that section as follows:-
| (1) by the substitution, for paragraph (a) of that subsection, of the following new paragraph: -
| | "(a) the income of any local authority or Government institution, exclusive of-
| | | (i) the income of any trust or other matter vested in or administered by such authority or institution to which such authority or institution is not beneficially entitled; and |
| (ii) the profits and income for any period commencing on the date of acquisition or vesting, as the case may be, of any business undertaking acquired by or vested in the Government under the Business Undertakings (Acquisition) Act, No, 35 of 1971; "; |
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| (2) by the insertion, immediately after paragraph (a) of that subsection, of the following new paragraphs: -
| | " (aa) the profits and income for any year of assessment commencing on or after April 1, 1972, of the Insurance Corporation of Ceylon attributable to the life insurance business of that Corporation;. | | |
| | (ab) for any year of assessment commencing on or after April 1, 1973, the net annual value of not more than one place of residence owned and occupied in a family or in the case of individuals included in a family the net annual value of not more than one place of residence owned by any member of that family and occupied by that member or by any other member of that family; | | |
| | (ac) the salary received by the President of the Republic from, and the rental value of any place of residence provided to him by the Government of Sri Lanka: | | |
| | (ad) for any year of assessment commencing on or after April 1, 1973, the profits and income derived by the owner or cultivator of any paddy land from the sale to the Paddy Marketing Board established under the Paddy Marketing Board Act, No, 14 of 1971, of paddy cultivated on such land; "; | | |
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| (3) by the substitution, for paragraph (f) of that subsection, of the following new paragraph: -
| | " (f) the emoluments, and any income not arising in Sri Lanka of any scientist, technician, expert, or adviser who is not a citizen of Sri Lanka and who is-
| | | (i) employed in Sri Lanka on. a contract of employment entered into on or after April 1, 1959, between him and the Government of Sri Lanka or between him and any such statutory corporation or institution as may be approved by the Minister for that purpose; or |
| (ii) engaged in the year preceding any year of assessment commencing on or after April 1, 1969, in performing any services in any project carried on by the Government of Sri Lanka or by such statutory corporation or by any other body corporate. approved by the Minister, to the capital of which the Government of Sri Lanka or such statutory corporation has made a contribution;"; |
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| (4) by the substitution, for paragraph (gg ) of that subsection, of the following new paragraph:-
| | " (gg) the emoluments, and any income not arising in Sri Lanka, for three years reckoned from the date of employment in Sri Lanka of any individual who is not a citizen of Sri Lanka and who is brought to and employed in Sri Lanka on or after April 1, 1966, by the proprietor of any such undertaking as is referred to in paragraph (v) of subsection (1) of section, 6 or in paragraph (m) of subsection (1) of section 10 in such executive capacity or other capacity as may be approved by the Minister on the recommendation of the Ceylon Tourist Board;"; | | |
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| (5) by the substitution, for paragraph (kk) of that subsection, of the following new paragraph: -
| | (kk) interest accruing for any period commencing on or after June 16, 1968, to any company, partnership or other body of persons outside Sri Lanka from any loan granted by that company, partnership or body of persons to the Government of Sri Lanka or to the Agricultural and Industrial Credit Corporation of Ceylon, or to the Development Finance-Corporation of Ceylon or to the Ceylon State Mortgage Bank or to any other-State corporation or to any Government institution or to any other institution to the capital of which the Government of Sri Lanka has made any contribution, or to any under-taking approved by the Minister in charge of the subject of Finance, or to any commercial bank for the time being operating in Sri Lanka if such loan, is considered by the Minister in charge of the subject of Finance to be essential for the economic progress of Sri Lanka and is approved by him; ";
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| (6) by the substitution, for paragraph (t) of that subsection, of the following new paragraph:-
| | "(t) the accumulated interest payable to an individual in respect of any Ceylon Savings Certificate issued under the Savings Certificates Ordinance or any National Savings Certificate issued; under the National Savings Bank Act, No. 80 of 1971, and purchased by that individual on or before March 31,. 1973, so long as the amount of the certificates held by the individual who is for the time being the holder of such certificates does not exceed the amount which an individual is for the time being authorized to hold under the written law, rules or regulations relating to such certificates; "; | | |
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| (7) by the substitution, for paragraph (u) of that subsection, of the following new paragraph: -
| | "(u) Interest paid or credited in respect of any period ending not later than March 31. 1972. on sums not exceeding fifteen thousand rupees lying to the credit of any individual in the Ceylon Savings Bank and the Ceylon Post Office Savings Bank; "; and | | |
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| (8) by the insertion, immediately after paragraph (u) of that subsection, of the following new paragraphs: -
| | "(ua) the total interest not exceeding one thousand rupees payable to an individual in respect of-
| | | (a) any savings certificates issued. or deemed to be issued, under the National Savings Bank Act. No. 30 of 1971, after March 31. 1973, and |
| (b) moneys lying in the National Savings Bank to the credit of such individual,
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| | (ub) the income accruing to any person from such moneys lying to his credit in any account in a commercial bank as, in the opinion of the Commissioner, represent moneys remitted by him to Sri Lanka under the Passport (Regulation) and Exit Permit Act, No. 53 of 1971;". | | |
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Sri Lanka Consolidated Acts