Sri Lanka Consolidated Acts Sri Lanka Consolidated Actsinterpretation
| 10. In this Act, unless the context otherwise requires- "Bank" means any commercial bank licensed or deemed to be licensed under the Banking Act, No. 30 of 1988 or the National Savings Bank, established by the National Savings Bank Act, No. 30 of 1971; "Commissioner-General", "net wealth", "profits and income" and "year of assessment" shall have the respective meanings assigned to them by the Inland Revenue Act, No. 28 of 1979; "Board of Investment of Sri Lanka" means the Board of Investment of Sri Lanka established by the Board of Investment of Sri Lanka Law, No. 4 of 1978; "Controller of Exchange " means the officer designated as the Head of the Department of Exchange Control of the Central Bank and includes an officer designated as assistant to him; "Exchange Control Act " means the Exchange Control Act (Chapter 423); "Foreign currency" means any currency other than Sri Lankan currency and includes any currency payable by a foreign government or institution to a person in, or resident in, Sri Lanka in respect of his pension or like payment due to him and aIl deposits, credits and balances payable in any currency other than Sri Lankan currency and any such drafts, travelers cheques, letters of credit and bills of exchange as are expressed or drawn in Sri Lankan currency but payable in any currency other than Sri Lankan currency; "Gem" means a gem within the meaning of the National Gem and Jewellery Authority Act, No. 50 of 1993. "Jewellery'" means Jewellery within the meaning of the National Gem and Jewellery Authority Act, No. 50 of 1993. "person" includes a company, a body of persons or a partnership; "relevant foreign currency" in relation to a person means foreign currency held on March 31, 1996 by such person outside Sri Lanka in violation of the provisions of the Exchange Control Act. being or being attributable to, profits and income or not being or not being attributable to profits and income, and which was acquired by him outside Sri Lanka by way of gift, donation, inheritance or any other manner whatsoever; "relevant money" in relation to a person means any moneys (not being relevant foreign currency), held by such person on March 31, 1996 in or out side Sri Lanka, and which represent accumulated profits or income which arose or accrued to or was derived by such person in any year of assessment ending on or before March 31,1996, and in respect of which such person has not made a return of income, or which such person has not disclosed in any return of income made by him, under the law for the time being applicable to the imposition of, income tax; "the law for the time being applicable to the Imposition of income tax" means the Inland Revenue Act, No. 28 of 1979; "the law for the time being applicable to the imposition of surcharge on income tax" means the Surcharge on Income Tax Act, No. 26 of 1982, the Surcharge on Income Tax Act, No. 12 of 1984, the Surcharge on Income Tax Act, No. 7 of 1989; "the law for the time being applicable to the imposition of wealth tax or surcharge on wealth tax" means the Inland Revenue Act, No. 28 of 1979, the Surcharge on Wealth Tax Act, No. 25 of 1982 and the Surcharge on Wealth Tax Act, No. 8 of 1989; "turnover" and "quarter" shall have the respective meanings assigned to them by the Turnover Tax Act, No. 69 of 1981. |