2. Section 5 of the Turnover Tax Act, No. 69 of 1981 (hereinafter referred to as the " principal enactment"), is hereby amended as follows :
| (1) in subsection (1) of that section
| | (a) by the substitution, in paragraph (c) of that subsection, for the words, " the total amount excluding premia received or receivable in respect of life insurance ;", of the words, " the total amount excluding premia received or receivable in respect of
| | | (ii) insurance against damage or destruction by strike, riot, civil commotion or acts of terrorism and paid into the Government Fund for Strike, Riot and Civil Commotion and Terrorism ;"; and |
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| | (b) by the substitution, in paragraph (f) of that subsection, for the words, "but shall not include receipts attributable to the operation of the foreign currency banking unit of such bank ; ", of the words and figures " but shall not include receipts attributable to
| | | (i) the operation of the foreign currency banking unit of such bank ; and |
| (ii) any transaction which such bank enters into, on or after April 1, 1989, with any other bank ; " ; and |
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| (2) by the addition, immediately after subsection (4) of that section, of the following subsection : "
Provided that where the amount so deductible for any quarter, exceeds the amount received or receivable, for that quarter, from the sale of any article in the course of carrying on such business of manufacture, the excess shall be carried forward to the quarter immediately succeeding that quarter and shall be deductible in ascertaining the turnover of that business for that succeeding quarter and so on.". | | (5) In ascertaining the turnover, for any quarter, of any business of manufacture of articles there shall be deducted an amount equal to any excise duty under the Excise (Special Previsions) Act, No. 13 of 1989, paid in respect of such article by the person who carries on such business; | | |
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Sri Lanka Consolidated Acts