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Finance (Amendment) |
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| AN ACT TO AMEND THE FINANCE ACT, NO. 11 OF 2002 | | |
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| 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Resolution of Parliament as soon as convenient thereafter; and | | (iv) if not approved by Parliament, be deemed to be rescinded with effect from the date of such Resolution.".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. | |
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