Finance (Amendment)

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Published: 2003

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 :-



[27th February

, 2003 ]









Short title.



1. This Act may be cited as the Finance (Amendment) Short title. Act, No. 6 of 2003.



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



2. The Finance Act, No. 1 of 2002 (hereinafter referred to as the "principal enactment") (as amended by Act, No. 30 of 2002) is hereby further amended in section 2 of Part I of that Act (Port and Airport Development Levy), by the repeal of the proviso to that section and the substitution therefor of the following proviso :-



"Provided that in the case of an article imported into Sri Lanka, for the purpose of processing and re-export, the levy on the cost, insurance and freight value of that article shall be charged and levied at the rate of 0.5 per centum.".



Validation.



3. Where the Director-General of Customs, collects during the period commencing on January 1,2003 and ending on the date of the commencement of this Act, from any person a levy in terms of section 2, on the cost, insurance and freight value of such article, such collection shall be deemed for all purposes to have been, and to be, validly made, and the Director-General of Customs is hereby indemnified against all actions, civil or criminal, in respect of such collection.".



Effective date of amendment.



4. The amendment made to section 2 of the principal section 2 of this Act, shall come into effect on January 1,2003.



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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