3. The following new Chapter is hereby inserted immediately after Chapter XV, and shall have effect as Chapter XVA of the principal enactment:
| 50A.
| | (1) Notwithstanding anything in this Act, where any"
| | | (a) such importer as is referred to in section 12 ; or |
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| | (2) Every importer or manufacturer who deducts withholding turnover tax in accordance with the provisions of subsection (1) of this section shall"
| | | (a) issue to the buyer of such article, a voucher setting out"
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| (b) remit to the Commissioner-General, the sum deducted as withholding turnover tax together with the turnover tax payable by him for the quarter during which the transaction, in respect of which withholding turnover tax was deducted, took place. |
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| | (3) Where the turnover of any person liable to turnover tax includes a sum received or receivable on the sale of an article in reject of which withholding turnover tax has been deducted, as hereinbefore provided, he shall be entitled on production of the voucher relating to such withholding turnover tax issued to him under subsection (2), to set-off the withholding turnover tax set out in such voucher against the turnover tax payable by him : | | |
| | (4) Any excess of the withholding turnover tax deducted under this section over the turnover tax payable by any person against which such withholding turnover tax may be set-off under subsection (3), shall not 5e refunded to that person but may be deducted from the turnover tax payable by that person for the subsequent year and so on. | | |
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| 50B. The Provisions of this Act relating to the furnishing of returns, levy, recovery, imposition of penalties for default and to the refund of the turnover tax, shall, mutatis mutandis, apply to the furnishing of returns, levy, recovery, imposition of penalties for default, and refund, relating to, or of, the withholding turnover tax payable under this Chapter. |
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Sri Lanka Consolidated Acts