Prize Competitions (Amendment) Act (No. 51 of 1968)

Sri Lanka Consolidated Acts

Amendment of section 2 of Act No. 37 of 1957

2. Section 2 of the Prize Competitions Act, No. 37 of 1957. hereinafter referred to as the " principal Act ", is hereby amended as follows:-

(1) by the renumbering of sub-sections (2) and (3) of that section, as sub-sections (3) and (4) respectively thereof; and

(2) by the insertion, immediately after sub-section (1) of that section, of the following new sub-section: -

	"(2) A tax at the rate of twenty per centum of the total value of the prizes offered in kind, cash or services shall be paid in respect of every commercial prize competition promoted or conducted by a trading company.".