4. Section 5 of the principal enactment is hereby amended in subsection (1) of that section, as follows: -
| (1) by the substitution, for paragraph (ac) of that subsection, of the following new paragraph : -
| | "(ac) the emoluments, pension and any other benefit arising to any person from the office of the President of the Republic of Sri Lanka,"; | | |
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| (2) by the insertion, immediately after paragraph (ad) of that subsection, of the following new-paragraphs :
| | "(ae) any dividend paid to any person by a company with which an agreement has been entered Into by the Greater Colombo Economic Commission under section 17 of the Greater Colombo Economic Commission Law, No. 4 of 1978, during the period for which the profits and Income of that company are exempt from income tax under the terms of that agreement or within one year thereafter, out of the profits and income of the company which are exempt from income tax; | | |
| | (af) any dividend paid on or after April 1, 1978, to any person who is not resident in Sri Lanka by any company with which an agreement has been entered Into by the Greater Colombo Economic Commission under section 17 of the Greater Colombo Economic Commission Law, No. 4 of 1978; | | |
| | (ag) the income of the World Tourism Organization; | | |
| | (ah) the official emoluments of any Individual who is employed by the World Tourism Organization; | | |
| | (ai) the income of the corporation known as the Incorporated Council of Legal Education and established by the Council of Legal Education Ordinance;"; | | |
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| (3) by the substitution, for paragraph (g) of that subsection, of the following new paragraph:-
| | " (g) 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 brought to and employed in Sri Lanka on or after April 1, 1958, by a corporation to which section 8 applies or by the proprietor of an undertaking to which that section applies or by any undertaking, being an enterprise with which an agreement has been entered into by the Greater Colombo Economic Commission under section 17 of the Greater Colombo Economic Commission Law, No. 4 of 1978, for the purposes of that corporation or undertaking, as the case may be, but so however that such exemption shall end on the date of the cessation of employment of such scientist, technician, expert or adviser in such corporation or undertaking or on the date on which the exemption from tax granted, as the case may be, by section 8 or by the agreement entered into under section 17 of the Greater Colombo Economic Commission Law, in respect of that corporation or undertaking ends, whichever is the earlier;"; | | |
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| (4) by the substitution, for paragraph (ggg) of that subsection, of the following new paragraph :-
| | " (ggg) 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 brought to and employed in Sri Lanka on or after April 1, 1968, by the proprietor of any such undertaking as is, on the recommendation of the appropriate Minister, declared by the Minister in charge of the subject of Finance by notice published in the Gazette to be an approved undertaking for the purposes of this section for such period as may be specified in the notice, but so however, that such exemption shall end on the date of the cessation of employment of such scientist, technician, expert or adviser in such approved undertaking or on the date on which such undertaking ceases to be an approved undertaking, whichever date is earlier;"; | | |
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| (5) by the substitution, for paragraph' (m) of that subsection, of the following new paragraph:-
| | " (m) any overseas allowance or representational allowance granted by the Government of Sri Lanka, to any individual who is deemed by subsection (6) of section 51 to be resident in Sri Lanka and such part of the profits from employment received by any other individual who is employed out of Sri Lanka for any period as is, in the opinion of the Commissioner-General, equivalent to an overseas allowance;"; | | |
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| (6) by the insertion, immediately after paragraph (ub) of that subsection, of the following new ' paragraph: -
| | " (uc) the interest accruing to any person during the period in which he is not resident in Sri Lanka on moneys lying to his credit in foreign currency in any account opened by him or on his behalf in any commercial bank with the approval of the Central Bank of Ceylon;"; and | | |
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| (7) by the insertion, immediately after paragraph (v) of that subsection, of the following new paragraphs: -
| | " (vv) any sum paid to any person by the Ministry of Fisheries as a subsidy for the purchase of fishing boats, marine engines, fishing gear and other fishing equipment; | | |
| | (vvv) any sum paid on or after April 1, 1977, as a subsidy to any person by the Coconut Cultivation Board established under the Coconut Development Act, No. 46 of 1971;". | | |
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Sri Lanka Consolidated Acts