Finance (Amendment)

Link to law: http://www.lawnet.lk/process.php?st=2006Y0V0C48A&hword=%27%27&path=2
Published: 2006

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Finance (Amendment)
Finance (Amendment)




AN ACT TO AMEND THE FINANCE ACT, NO. 11 OF 2002








BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows :-



[15th December

, 2006 ]













Short title.



1. This Act may be cited as the Finance (Amendment) Act, No. 48 of 2006.



Amendment of section 2 of Part 1 of the Finance Act, No. 11 of 2002.



2. Part I (Port and Airport Development Levy) of the Finance Act, No. 11 of 2002 (as last amended by Act, No. 11 of 2006), is hereby further amended in section 2 thereof as follows :-





(1) by the repeal of the first proviso to that section and the substitution therefor of the following :-



"Provided that, in respect of the cost, insurance and freight value of any article referred to above, there shall be charged and levied :





(a) for the period commencing November 19, 2004 and ending on December 31, 2005, a levy at the rate of 1.5 percentum;



(b) for the period commencing January 1, 2006 and ending on December 31, 2006, a levy at the rate of 2.5 percentum; and



(c) for the period commencing January 1, 2007, a levy at the rate of 3.0 percentum."; and



(2) by the addition immediately after the second proviso to that section of the following proviso :-



"Provided further that the Minister may from time to time, having regard to the interests of the national economy, by Order published in the Gazette-





(a) exempt from the operation of the above levy, any item specified therein; or



(b) specify a concessionary rate to be charged and levied in respect of any item or items specified therein.



Every Order made in terms of this proviso by the Minister shall-





(i) be in operation immediately upon the Minister affixing his signature thereto;



(ii) be published in the Gazette as soon as convenient;



(iii) be approved by Resolution of Parliament as soon as convenient thereafter; and



(iv) if not approved by Parliament, be deemed to be rescinded with effect from the date of such Resolution.".



Operation of Act.



3. The provisions of this Part shall come into operation from January 1, 2007.



Amendment of section 14 of Part V of the Finance Act, No. 11 of 2006.



4. Part V of the Finance Act, No. 11 of 2006 is hereby amended in section 14, by the substitution for the words and figures "Act, No. 6 of 2005" of the words "Act, No. 5 of 2005 ".



Sinhala text to prevail in case of inconsistency.



5. In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.