4.
| (1)
| | (a) Subject to the provisions of this Act, no prosecution shall be instituted for any offence committed by a declarant referred to in section 3 of this Act and no investigation shall be carried out against any declarant for the imposition of income tax, wealth tax or surcharge on income tax and wealth tax as the case may be, in accordance with the provisions of any written law relating to the same for the time being in force in so far as it relates to the amnesty granted by the Commissioner-General in terms of section 3. | | |
| | (b) Any person who has made a declaration as is referred to in section 3 of this Act, shall be entitled to immunity from the payment of any income tax, wealth tax, or surcharge on income tax and wealth tax as the case may be, together with any penalty payable in respect of any disclosure of previously undeclared income, assets or sources of income, for the period ending on or before March 31, 2002 : | | |
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| (2) It shall be lawful for the Commissioner-General or any other Authority administering the collection and recovery of any tax, levy or penalty, (including any penalty in respect of any offence) forfeiture or fine in terms of any law referred to in the Schedule of the Inland Revenue (Special Provisions) Act, No. 10 of 2003
| | (a) to collect and recover any such tax, levy or penalty, (including any penalty in respect of any offence) forfeiture or fine, subsequently waived, discharged or otherwise not recovered in accordance with the provisions of the aforesaid Act, in the manner provided for in terms of any law referred to in the Schedule to the aforesaid Act under which any such tax, levy or penalty, (including any penalty in respect of any offence) forfeiture or fine was imposed; and | | |
| | (b) to issue assessments or any other orders as the case may be, for any year of assessment or taxable period ending on or before March 31,2002, where any tax, levy or penalty, (including any penalty in respect of any offence) forfeiture or fine has been discharged or refunded in terms of any law referred to in the Schedule to the aforesaid Act notwithstanding the fact that the period for the making of the same has elapsed. | | |
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| (3) No person shall in terms of this Act, be entitled to any refund in respect of any money paid by him or recovered or deducted in terms of any law referred to in the Schedule of the Inland Revenue (Special Provisions) Act, No. 10 of 2003, or to carry forward any loss in respect of any period ending on or before March 31, 2002 to any subsequent year, by reason of the fact that he is entitled to the amnesty or immunity so granted in respect of his income or part thereof. The amount of undeclared income or the value of the undeclared assets of such person shall be deemed to be the income tax for the purpose of ascertaining the amount of any such refund or for the purpose of setting off against any refund claimed by such person or for the purpose of setting off against such loss. |
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| (4) Any proceedings, investigation or inquiry which was being conducted by the Commissioner-General or any Authority administering the collection and recovery of any tax, levy or penalty, (including any penalty in respect of any offence) forfeiture or fine in terms of any law referred to in the Schedule of the Inland Revenue (Special Provisions) Act, No. 10 of 2003, and which has been, stopped, suspended or withdrawn in terms of the aforesaid Act, shall from the date of the coming into operation of this Act, be revived or restored and continued with, as if such proceedings, investigation or inquiry had not been so stopped, suspended or withdrawn. |
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Sri Lanka Consolidated Acts