Sri Lanka Consolidated Acts

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Provincial Council Turnover Taxes (Limits and Exemption) Act (No. 25 of 1995) - Sect 2

Limits of, and exemptions from, turnover taxes imposed by Provincial Councils

2.
(1) A turnover tax imposed by a Statute made by a Provincial Council on wholesale and retail sales shall be within the limits set out in subsection (2) of this section and subject to the exemptions set out in subsection(3) of this section read with the Schedule to this Act.
(2) The rate at which such turnover tax shall be levied shall in no case exceed five per centum of the turnover on which it is imposed.
(3) The turnover arising from the wholesale and retail sales set out in the Schedule to this Act shall be exempt from such turnover tax

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