7.
| (1) The rate of turnover tax in respect of any business may be determined by reference to the nature of such business and accordingly different rates of such tax may be determined in respect of different classes or descriptions of businesses and published in the Gazette. |
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| (2) The rate of turnover tax in respect of any class or description of business may from time to time be varied by the Minister by Order published in the Gazette. |
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| (3) Every determination under subsection (1) and every Order made under subsection (2) shall come into force on the date of its publication in the Gazette or on such later date as may be specified in such determination or Order and shall be brought before Parliament within a period of three months from the date of the publication of such determination or Order in the Gazette, or, if no meeting of Parliament is held within such period, at the first meeting of Parliament held after the expiry of such period by a motion that such determination or Order shall be approved. There shall be set out in a schedule to every such motion the text of the determination or Order to which the motion refers. |
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| (4) Any determination under subsection (1) or any Order under subsection (2) which Parliament refuse to approve shall, with effect from the date of such refusal, be deemed to be revoked but without prejudice to the validity of anything done there under. Notification of the date on which any such determination or Order is deemed to be revoked shall be published in the Gazette. |
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Sri Lanka Consolidated Acts