Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsInterpretation
| 12. In this Act, unless the context otherwise requires-"Bank" means the National Savings Bank established by the National Savings Bank Act, No. 30 of 1971;"Commissioner-General", "local authority" "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;"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 Controller Act" means the Exchange Control Act (Chapter 423) ;"Foreign currency" means any currency other than Sri Lanka 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 other gratuities due to him and all 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 Lanka currency but payable in any currency other than Sri Lankan currency ;"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 otherwise ;"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. |